The Best AP Microeconomics Review
Terms in this set (409)
A social science that studies how resources are used and is often concerned with how resources can be used to their fullest potential.
The 2 disciplines of economics based on being an individual unit or as a whole group:
Economic problems encountered by the nation as a whole.
Economic problems faced by individual units within the overall economy.
The 2 disciplines of economics based on how one should make decisions in how to use resources:
Economics involving value judgments. It is based on the way someone believes things OUGHT to be, not on how they should be.
Economic analysis that draws conclusions based on a logical deduction or induction; value judgments are avoided. It is based on the scientific method.
Anything that can be used to produce a good or service.
The 3 categories of resources:
All natural resources, such as farmland, crude oil, timber stands, oceans, and mineral deposits.
All human activity that is productive. It is the use of human attributes to produce things society finds valuable.
Productive equipment or machinery.
The amount of one good that must be sacrificed to obtain an alternative good.
Opportunity Cost of Good X=Change in Good Y Production/Change in Good X Production
(or the number of units you lose/the number of units you gain)
Formula for opportunity cost:
production possibilities frontier
The combinations of two goods that can be produced if the economy uses all its resources fully and efficiently. Anything inside the line is inefficient, on the line is efficient, and outside the line is impossible due to limitations of resources.
Using resources to their maximum potential.
-amount of resources
-technology and productivity
Changes in these 2 things can shift the production possibilities frontier:
don't, inefficiency, productivity
Changes in unemployment _____ shift the production possibilities frontier because it would be considered an _________, not a change in _________.
law of increasing costs
A law that states that when more of a product is initially being produced, the higher the opportunity cost will be to produce still more. This is due to the fact that some resources are more adept at the production of one good than another. When resources are forced to work in an industry where they are not proficient, they are less productive. Thus, the opportunity cost of producing a good becomes greater as more resources are forced into industries where they are not as productive.
The ability to produce something with a lower opportunity cost.
The ability to produce something more efficiently.
Trade can be mutually advantageous to both countries even if one country has the absolute advantage in all products, because mutually advantageous trade is based on ___________ advantage, not _________ advantage.
terms of trade
The amount of one good a country is willing and able to trade for another. It must fall between the opportunity costs of both countries.
The inability to have enough resources to satisfy all wants and needs.
1. How much of each good and service should be produced?
2. Who will get how much of each good and service?
The 2 fundamental economic questions any society has to address
1. government commands
3. a blend of government commands and capitalism
The 3 ways of addressing the economic questions imposed on a society:
An economy in which the central government dictates what will or will not be produced. The government also stipulates how much of each item is to be produced and finally, who is to get how many of the final products. Cuba and North Korea are examples. Communism and socialism are terms used to describe this economy.
An economy where supply and demand determine prices. These prices coordinate the economy by resolving what and how much will be produced. Supply and demand will also determine a person's income and therefore how much of the production the person can obtain for his own use. This economic system works because of "allocative efficiency."
law of demand
A law that states that when the price of a product increases, the quantity demanded decreases. (ceteris paribus)
law of supply
A law that states that when the price of a product increases, the quantity supplied increases. (ceteris paribus)
A phrase that means "with other conditions remaining the same."
This occurs when resources are deployed to produce just the right amount of each product to satisfy society's wants. As long as people pursue their own self-interest and economic integrity, this idea works.
A mechanism that allows buyers and sellers to exchange a good or service.
A market unfettered by interference from anyone not directly involved in the exchange. A capitalist economy has this type of market, and it is how prices are determined in such an economy.
A market in which a large number of producers compete with each other to satisfy the wants and needs of a large number of consumers.
decentralized, Allocative efficiency, preferences
Capitalism works in a __________ way, in which no authority has to be in the lookout that enough of each good and services produced. _________ does this for it. It also responds very well to changes in the population's ______________.
An economy organized by government commands can be more ___________ while an economy organized through capitalism is more ____________.
government commands, capitalist
All of the countries in the world today use a blend of ___________ and ___________ to address the fundamental economic questions that arise. There is no true capitalist economy nor no true command economy on the planet.
A blend of government commands and capitalism. Every economy in the world is classified as one of these to some degree.
circular flow diagram
A diagram that shows how households and firms are related by the exchange of resources and products in capitalist economies. It consists of households, a market for resources, firms, and a market for goods and services.
These are a part of the circular flow diagram. It's basically all the individuals of the society that partake in the market with firms.
market for resources
This is a part of the circular flow diagram. Households give land, labor, and capital to firms, and households receive wages and profits from firms in return.
market for goods and services
This is a part of the circular flow diagram. Households spend their money income to purchase the goods and services supplied by firms.
These are a part of the circular flow diagram. They are the government and business enterprises that own some resources.
Since large firms are owned by stockholders, and most government resources are considered to be jointly owned by everyone, it can be assumed that all resources are owned by ____________ and __________.
This shows the quantity of a product a consumer is willing and able to purchase at each and every price.
The graphical representation of demand for a product. Quantity (Q) is the x-axis and Price (P) is the y-axis. It has a downward slope.
law of demand
This law states that when the price of a product increases, the quantity demanded decreases, and vice versa.
Price and quantity have an ________ relationship in a demand curve.
The 2 main reasons why people buy less of a good when the price increases and more when a price decreases:
When prices fall, consumers can afford to buy more of a particular good or service. When prices rise, consumers' income will not buy as many goods and services, and the quantity people will buy of a product decreases.
When the price of a good increases, its price has gone up relative to the prices of other goods, all else equal. This means that consumers buy the other goods that are considered similar yet cheaper than the more expensive good. (apples and oranges)
change in quantity demanded
When the market for a product only has a price change, there is not a shift in the demand curve, but a movement along an existing curve. This is known as a ______________.
determinants of demand
Scenarios other than price changes that cause consumers to buy more or less of a product at the same price. They are called "shifters of demand."
SPICE, right, left
The acronym for the determinants of demand is ___________. An increase in a determinant of demand causes a shift to the _______, and a decrease in a determinant of demand causes a shift to the _______.
1. substitute goods
2. preferences and population
4. complementary goods
The determinants of demand:
These are goods that when an increase in the price of one good results in an increase in demand for the other good, and vice versa. (determinant of demand)
These refer to a consumer's tastes for a good or service. If people's tastes for a specific product increases, the demand curve will shift to the right. (determinant of demand)
This refers to the total number of buyers in specific number. A bigger market will mean more demand. (determinant of demand)
This refers to the amount of pay the consumers in a market receive. Depending on the type of goods (normal or inferior goods), an increase in income could shift the demand curve either way. (determinant of demand)
Goods whose demand increases when income increases. Most goods fit this category.
Goods whose demand decreases when income increases. A minority of goods fit this category.
Goods that purchased separately but are used together. (determinant of demand)
This refers to the predictions that consumers' have about the future price of a product. It can shift the demand curve either way. (determinant of demand)
The quantity of a product a producer is willing and able to offer for sale at various prices.
The graphical representation of supply for a product. Quantity (Q) is the x-axis and Price (P) is the y-axis. It has an upward slope.
law of supply
This law states that when the price of a product increases, the quantity supplied increases.
Price and quantity have a ________ relationship in the supply curve.
profits, more, increases, higher, incentive, decrease, less
These are reasons for the law of supply. When prices increase, sellers have greater opportunities for increasing _________. As a result, ________ of the product is supplied. Also, as producers increase production, the cost of producing each additional unit generally ____________ as sellers face rising marginal costs of production. As a result, it takes a ________ price for the product to induce producers to offer more for sale. Conversely, if the price falls for a product, there is less _________ to offer a product for sale and the quantity brought to market will __________. As prices fall, firms find it harder to cover costs of production and earn smaller profits, so ________ is offered for sale.
change in quantity supplied
When the market for a product only has a price change, there is not a shift in the supply curve, but a movement along an existing curve. This is known as a ______________.
determinants of supply
Scenarios other than price changes that cause producers to supply more or less of a product at the same price. They are called "shifters of supply."
COTTEN, right, left
The acronym for the determinants of supply is ___________. An increase in a determinant of supply causes a shift to the _______, and a decrease in a determinant of supply causes a shift to the _______.
1. cost of inputs
2. opportunity cost of alternative production
4. taxes and subsidies
6. number of sellers
The determinants of supply:
cost of inputs
When the cost of producing a product increases, the supply of a product decreases, and vice versa. A change in the cost of producing a product affects the supply of a good or service. (determinant of supply)
opportunity cost of alternative production
Firms can easily switch between production of several different products. Profit-maximizing firms will choose to produce what gives them the most profit or where their opportunity cost is lowest. (determinant of supply)
The application of scientific knowledge for practical purposes, especially in industry. It can decrease production costs and increase productivity that results in the supply curve shifting to the right. (determinant of supply)
Supply decreases when this is imposed upon the production of a good, because it results in increased production costs. It shifts the supply curve to the left. (determinant of supply)
A payment from the government to produce a product. If a firm gets one of these, profits increase at each price level that induce increased supply. (determinant of supply)
The future price considerations that sellers consider in their actions. If they think the price will eventually increase, they may decrease the current supply to increase profits in the future. If they think the price will eventually decrease, they may increase the current supply to increase profits. (determinant of supply)
number of sellers
This refers to amount of sellers and competition in a market. The more sellers, the higher supply. This shifts the supply curve to the right.
This exists when the quantity supplied is greater than the quantity demanded, which is above the equilibrium price. Prices will eventually fall to the equilibrium price.
This exists when the quantity supplied is less than the quantity demanded, which is below the equilibrium price. Prices will eventually rise to the equilibrium price.
The price at which quantity supplied equals quantity demanded. It is the point at which the demand and supply curves intersect.
-no tendency for change (demand and supply remain constant)
-amounts demanded equal amounts supplied (at intersection of supply and demand curves)
-no surplus or shortage
Characteristics of equilibrium:
This occurs when quantity demanded and quantity supplied are not in balance.
drop, equilibrium price, rise, equilibrium price
When suppliers react to a surplus, the price will ______ until it reaches ______________ and the market is cleared of the surplus. When suppliers react to a shortage, the price will ________ until it reaches ______________ and the market is cleared of any shortage.
With supply constant, an increase in demand will cause a(n) __________ in equilibrium price and quantity. Conversely, a decrease in demand leads to (a) ___________ in equilibrium price and quantity.
decrease, increase, increase, decrease
With demand constant, an increase in supply will lead to a(n) __________ in equilibrium price and a(n) __________ in equilibrium quantity. Conversely, a decrease in supply will lead to a(n) __________ in equilibrium price and a(n) ___________ in equilibrium quantity.
A maximum legal price established below the equilibrium price. They are established by the government.
A minimim legal price established above the equilibrium price. They are established by the government.
A price floor is meant to set a price __________ the equilibrium and a price ceiling __________.
When both demand and supply shift, one variable (price or quantity) experiences a definite change, and the other is ______________ (unless you know the magnitude of the shifts). When only one curve shifts, both equilibrium price and quantity experience a definite change.
The amount of money taken in by a firm from its sales, which is the price of a product times the quantity sold.
total revenue test
A way to determine elasticity by multiplying the price of a good times the quantity sold. If price and total revenues are directly related, a good is inelastic; if inversely related, a good is elastic; and if they are equal to each other, the good is unit elastic.
Total revenue test:
A measure of how producers and consumers respond to changes in price. Producers' reactions can be seen with the change in supply, and the consumers' reactions can be seen with the change in demand.
1. perfectly inelastic
2. relatively inelastic
3. unit elastic
4. relatively elastic
5. perfectly elastic
Rank the levels of elasticity from least to most elastic:
Ed=% Δ Quantity Demanded/% Δ Price
Formula for the price elasticity of demand (yields the elasticity coefficient value):
perfectly inelastic demand
In this type of elasticity, the elasticity coefficient value is 0, and a price change has no impact on quantity demanded.
relatively inelastic demand
In this type of elasticity, the elasticity coefficient value is <1, and a price change has a less-than-proportional impact on quantity demanded.
unit elastic demand
In this type of elasticity, the elasticity coefficient value is 1, and a price change has a proportional impact on quantity demanded.
relatively elastic demand
In this type of elasticity, the elasticity coefficient value is >1, and a price change has a more-than-proportional impact on quantity demanded.
perfectly elastic demand
In this type of elasticity, the elasticity coefficient value is ∞, and a price change has an infinite change in quantity demanded.
The formula to find the percent change for anything:
When determining the elasticity coefficient value, always ignore a ___________ sign if there happens to be one.
If perfectly elastic, the coefficient of elasticity is _________. This means that the buyer is so sensitive to price changes that if one seller raises his price, the buyer will ________ to another seller.
The slope for a perfectly elastic demand curve is ___________. Demand curves approach this slope as they become relatively more __________.
The slope for a perfectly inelastic demand curve is ___________. Demand curves approach this slope as they become relatively more __________.
vary, slope, elasticity
Price elasticity of demand can _______ along a demand curve. The _________ does not change along a linear curve but __________ does change along a linear curve.
cross-price elasticity of demand
The percentage change in demand for Good X if there is a price change for Good Y. If the number is negative, they are complements, and if it is positive, they are substitutes.
If the cross-price elasticity of demand is negative, the goods are ______________, and if it is positive, they are _____________.
Goods that are purchased separately but are used together.
Goods bought as an alternative to another but perform the same function.
CPED=% Δ Quantity Demanded of Product Y/% Δ Price of Product X
Formula for cross-price elasticity of demand:
-period of adjustment, or the long run vs. short run
-substitutes available (is this product replaceable or a necessity)
Determinants of price elasticity of demand:
short run (part of a determinant of price elasticity of demand)
The time over which supply cannot fully adjust to changes in demand so that there is a relative scarcity of goods compared to the change in demand for the goods. Buyers have more limited choices because of the relative scarcity of products and resources. (lower price elasticity of demand)
long run (part of a determinant of price elasticity of demand)
The time over which supply adjusts to the increase in demand. Consumers have more choices available to them and are more sensitive to price changes. (higher price elasticity of demand).
quantity, changes (a determinant of price elasticity of demand)
If a good is a necessity without substitutes, a consumer is likely to purchase the same ___________ as the price ____________.
income elasticity elasticity of demand
How a change in income affects the quantity demanded for a product. If income goes up and the quantity demanded goes down, it is an inferior good. If the quantity demanded increases with income, it is a normal good.
Goods whose demand increases when income increases. Most goods fit this category.
Goods whose demand decreases when income increases. A minority of goods fit this category.
Ei=% Δ Quantity Demanded/% Δ Consumer Income
Formula for income elasticity of demand:
If the income elasticity of demand is negative, it is a(n) ___________ good. If it is positive, it is a(n) ___________ good.
If price AND total revenue both go up or down, the type of elasticity is ________. If price goes up or down and total revenue goes the OPPOSITE direction, the type of elasticity is __________.
Es=% Δ Quantity Supplied/% Δ Price
Formula for the price elasticity of supply (yields the elasticity coefficient value):
perfectly inelastic supply
In this type of elasticity, the elasticity coefficient value is 0, and a price change has no impact on quantity supplied.
relatively inelastic supply
In this type of elasticity, the elasticity coefficient value is <1, and a price change has a less-than-proportional impact on quantity supplied.
unit elastic supply
In this type of elasticity, the elasticity coefficient value is 1, and a price change has a proportional impact on quantity supplied.
relatively elastic supply
In this type of elasticity, the elasticity coefficient value is >1, and a price change has a more-than-proportional impact on quantity supply.
perfectly elastic supply
In this type of elasticity, the elasticity coefficient value is ∞, and a price change has an infinite change in quantity supply.
If perfectly elastic, the coefficient of elasticity is _________. This means that the producer is so sensitive to price changes that if a price falls, the producer will stop __________ that good.
The slope for a perfectly elastic slope curve is ___________. Supply curves approach this slope as they become relatively more __________.
The slope for a perfectly inelastic supply curve is ___________. Supply curves approach this slope as they become relatively more __________.
vary, slope, elasticity
Price elasticity of supply can _______ along a supply curve. The _________ does not change along a linear curve but __________ does change along a linear curve.
The difference between the highest price a consumer would pay for a product and the actual price paid. This can be easily calculated and displayed graphically using the supply and demand graph. It can measure the effectiveness of a market.
The difference between the lowest price a producer would sell a product and the actual price received. This can be easily calculated and displayed graphically using the supply and demand graph. It can measure the effectiveness of a market.
below, above, 1/2bh
When calculating the consumer surplus from a demand and supply graph, find the triangular area __________ the demand curve and __________ the equilibrium price. The formula for the area of a triangle is ___________.
above, below, 1/2bh
When calculating the producer surplus from a demand and supply graph, find the triangular area __________ the supply curve and __________ the equilibrium price. The formula for the area of a triangle is ___________.
This is the sum of the consumer and producer surplus.
A per-unit tax on production. It is measured graphically by the vertical distance between the supply curves. This tax is divided up between buyers and sellers so that they split the tax evenly. This tax reduces producer and consumer surplus.
6, 2, tax revenue
Suppose that the equilibrium price of a pound of beef is $4. If the government places an excise tax of $4 on the production of beef, the consumers pay a price of $_____ for beef, but sellers only get $______ from the sale. The other $4 goes to the government as ________________.
The loss of total surplus for a society when a market fails to reach a competitive equilibrium due to market distortion, like a tax.
The manner in which the burden of a tax is shared between consumers and producers in a market.
If the elasticity of demand is more elastic than supply, there is a __________ tax incidence for consumers relative to producers. Conversely, if demand is more inelastic than supply, there is a ___________ tax incidence for consumers relative to producers.
State if consumers pay all of the excise tax for 1 and 2 in each case. State if producers pay all of the excise tax for 3 and 4 in each case:
1. perfectly inelastic demand
2. perfectly elastic demand
3. perfectly inelastic supply
4. perfectly elastic supply
A tax on imports or exports.
A limit on the quantity of goods imported or exported.
lower, increasing, decreasing, increasing
International trade can affect a market by giving a country access to an equal or greater supply at a ________ price than it would if it used only its domestic supply. This traumatically effects surplus by _________ consumer surplus, __________ producer surplus, and ___________ the total surplus.
-increases producer surplus
-decreases total surplus
-brings back a deadweight loss
-brings in tax revenue to the government
Effects that tariffs have on markets that are involved with international trade:
-increases producer surplus
-decreases total surplus
-brings back a deadweight loss
-doesn't bring in tax revenue to the government
Effects that quotas have on markets that are involved with international trade:
theory of consumer choice
The branch of microeconomics that relates preferences to consumption expenditures and to consumerdemand curves.
1. The consumer can rank goods in order of preference.
2. The consumer understands diminishing marginal utility.
3. The consumer faces constraints of prices and income.
4. The utility-maximizing rule.
The basic tenets of the theory of consumer choice:
The addition to total satisfaction when another unit of a good is added.
The total satisfaction a consumer receives from the consumption of a good or service.
law of diminishing marginal utility
At some point in the consumption pattern of a good, each additional unit consumed yields less additional satisfaction (utility).
level of disutility
According to the law of diminishing marginal utility, this is the point at which an additional unit actually decreases total utility or satisfaction. In other words, the marginal utility of the one more unit is negative.
Diminishing marginal utility becomes a factor in a ____________ choice when comparing goods and their prices with a limited income. Diminishing marginal utility is also a factor in the determination of a pricing strategy for ___________.
Every time a consumer purchases an item, they are constrained by a _________ income and the _________ of the goods and services.
This is the idea that the consumer wants to make choices from a variety of goods and services that will maximize her satisfaction relative to the constraints of prices and income. To do that, the consumer will want to obtain as much extra satisfaction for one good per its price as will be obtained from any other good per its price, given the amount of income available for "N" number of goods.
The utility-maximizing rule:
income, marginal utility, price
When solving utility-maximizing problems, use as much of the _________ as possible and make sure the two goods have an equal ratio of _____________ to ___________.
total units, Good X, Good Y
When solving utility-maximizing problems, it's helpful to make a table. Make the 1st column the ___________. Make the 2nd column the ratio of marginal utility to price for __________. Make the 3rd column the ratio of marginal utility to price for ____________.
A type of resource besides land, labor, and capital. It is the task of combining resources with risk-taking. This is needed to be innovative and able to adjust to changing technology, labor supply, etc.
cannot, fixed, does, variable
The distinction between the short run and the long run is that in the short run, supply _________ fully adjust to changes in demand, due to _______ resources. In the long run, supply _______ fully adjust to changes in demand as all resources are _________ in the long run.
law of diminishing marginal returns
The range of output over which smaller and smaller additional units of output are produced as successive equal increments of a variable input are added to fixed quantities of other inputs in the short run. It is a short run phenomenon.
average product, AP
The total product or output divided by the number of units of variable input used in production.
marginal product, MP
How much additional output is produced when an input is added by a firm.
peak, decreasing, adding
When average product is at its ________ on a graph, average product intersects marginal product. Any further additions of variable inputs will be associated only with ___________ total product or output. Therefore, there can be no economic rationale for ________ more units of input since these units will have some cost.
AP=total output/variable input
Formula for average product:
Formula for marginal product:
average variable cost, AVC
A firm's total variable cost divided by total output.
marginal cost, MC
What it costs to produce an additional unit of output. It is the change in total cost divided by the change in quantity.
minimum, additional, rise
The marginal cost curve intersects the average variable cost curve at the ___________ point on average variable cost. Thus, as marginal product declines, each ___________ unit of labor adds less and less to total product. Regardless of the loss of an additional unit of labor, as each successive equal increments of labor adds less and less to total product, than marginal cost will tend to _________ as marginal product decreases.
If marginal revenue is ___________ than marginal cost, then the firm will want to continue since it is adding more to revenue than to cost at the margin of producing an additional unit of cost.
-average fixed cost, AFC
-average variable cost, AVC
-average total cost, ATC
-marginal cost, MC
-total fixed cost, TFC
-total variable cost, TVC
-total cost, TC
The different measures of the relationship between cost and production:
total fixed costs, TFC
Costs that, in total, do not vary with changes in output. At zero input, this will be the total cost.
Formula for average fixed costs:
total variable costs, TVC
Costs that, in total, vary as output changes. These costs tend to decline initially, then reach a minimum, and then increase.
Formula for average variable cost:
Formula for total cost:
Formula for average total cost:
Marginal cost intersects both the average variable cost and the average total cost at their _____________ points.
The average fixed cost declines rapidly approaching zero level as quantity of output _____________.
average variable cost
The shut-down position is at the minimum of the ________________ curve.
If price is less than average total cost, the firm has _________. If price is greater than average total cost, the firm has __________. This is under the condition that the firm is outputting efficiently under perfect competition.
A tax placed on each additional unit produced. It's a variable cost because it increases as output increases. It shifts the MC, ATC, and AVC curves upward.
An excise tax is a type of ___________ tax.
A tax placed on a firm that does not change with output. It's a type of fixed cost because it does change as output changes. It shifts the AFC and ATC curves.
-marginal cost, MC
-average total cost, ATC
-average variable cost, AVC
Cost curves affected by a per-unit tax:
-average fixed cost, AFC
-average total cost, ATC
Cost curves affected by a lump-sum tax:
economies of scale
Savings in average cost of production per unit that are realized as the firm increases production of its goods.
The larger firm can more efficient than the small firm simply on the basis of being able to hire more __________.
long-run average total cost, LRATC
The average total cost over a long period of time in which companies have time to adjust to changes in demand.
diseconomies of scale
At this stage of output, as a firm's output increases, its long-run average total cost (LRATC) curve increases. The upward sloping part of the LRATC.
The major difference between the way economists and accountants view profit is the way they measure ________.
Total revenues subtracted by both explicit and implicit costs; this is the type of profit referred to in Economics.
The difference between total revenues and explicit costs only.
Costs that require a firm to spend money.
input costs that do not require an outlay of money by the firm. They are not directly visible (i.e. opportunity costs), but are considered when an economist is calculating profit.
Zero economic profit, where an entrepreneur will not be better off in any other venture.
Zero economics profit means a firm is doing _______.
1. perfect competition
2. monopolistic competition
The 4 product markets in which firms operate ranked from most competitive to least competitive:
The monopolistic competition, oligopoly, and monopoly markets have what type of competition.
A product market characterized by a large number of sellers so that no one seller or group of sellers can have a significant effect on the market for a product. Firms are price takers. Prices for each firm are determined in the market where all firms compete for the buyers of the same product. Each firm sells at the price set in the market or at the intersection of demand and supply. It is characterized by a large number of sellers with a homogeneous product, infinitely elastic demand for firms, and no barriers to entry or exit.
MR=D=AR=P (marginal revenue=demand=average revenue=price)
Under perfect competition, this equivalence statement is true:
Technological secrets, financial barriers, legal or regulatory constraints, etc., are examples of barriers to ________ a market.
Government subsidies, tax relief, import quotas, or high tariffs are examples of barriers to _______ a market.
Under perfect competition, this equivalence statement is true because regardless of how many units a firm sells, the price stays constant. Each additional unit sells for the same price regardless of the quantity sold.
Another word for identical.
no, perfectly elastic, horizontal
Under perfect competition, there is _____ pricing strategy. The price elasticity of demand for each firm is ______________, a ______________ curve indicating that the products are perfect substitutes.
minimum, average total cost, competitive, elastic
Under perfect competition, each firm must produce and price at ______________ cost or lose sales to other firms. Each customer buys a product at its minimum ______________. The more substitutes available, the more ______________ the industry and the more ______________ the response to price changes.
A product market characterized by one seller of a product for which there are no close substitutes. They have down-sloping demand curves with marginal revenue less than demand. When it wants to sell more units, it must lower its price for all buyers. When price is lowered, marginal revenue received decreases faster than price.
down, less, 2
All imperfect competition product markets have _______-sloping demand curves with marginal revenue ________ than demand. This results in _____ separate demand and marginal revenue curves.
less than, negative, inelastic range of demand,
In a monopoly market, marginal revenue is ___________ price. Marginal revenue will eventually become __________ as price decreases. This is why the marginal revenue curve falls below the quantity axis and is known as the ________________. A monopolist will likely not sell a product in this range, as the marginal revenue is negative.
increase, output, competition, less
In a monopoly market, barriers to entry allow monopolists to __________ prices and limit ________. As a result, no available close substitutes leads to lack of ___________ and the demand curve is ________ elastic than that of perfect competition. There are several types of monopolies and pricing strategies.
A type of product market characterized by many medium-sized firms who need to be innovative and differentiate their products in price and non-price ways. These firms are monopolies, but only in the sense that they sell their own product that is slightly differentiated from their competitors. There are also many competitors due to easy entry. They have down-sloping demand and marginal revenue curves. This is the setting for many firms in the United States and other countries.
monopoly, competition, reduced, less
Under monopolistic competition, they have down-sloping demand and marginal revenue curves similar to a ____________. A strategy is based on product differentiation and innovation that reduces _____________. With few substitutes, the competition is ___________, and the demand curve becomes __________ elastic.
A product market that has a few large producers who have a large, but not total, control over the market. Both identical or differentiated products may be produced. These few large producers are interdependent. The pricing and output decisions of one firm have a huge impact on the profits of others in the industry. Due to this, these markets have a strong incentive to break the law by colluding and fixing prices. There are high barriers to entry. It also requires a very large amount of money to make the capital Investments required for this type of firm.
_____________ act at the direction of the market; they must charge the going price or face possible elimination. _____________ are able to control or manipulate some markets; they can charge a price that is in excess of marginal costs that maximizes profits.
Under perfect competition, firms are _____________. Under monopolies, firms are _____________.
downward sloping, horizontal
Under perfect competition, the demand curve of the market is ______________ to the right but the demand curve of the firm is ____________.
Because the demand curve of the individual firm is horizontal, this equivalence statement is true for the firm.
Under perfect competition, each firm takes its price from the industry, or market, and is a ______________.
This is something that the graph of a perfectly competitive market in long-run equilibrium displays, and is unique to perfect competition and not found in other markets. This is what makes P=MR. The exact amount of a product is being produced to meet society's desires.
This is displayed in a graph of a perfectly competitive firm in long-run equilibrium which produces where P=minimum ATC. It means goods are being produced at the lowest possible cost using the fewest possible resources.
Firms in all market structures maximize profits by producing at this point on a graph.
horizontal, short run, optimal output
Although price in perfect competition remains _____________ on the demand curve, it can still increase or decrease in the ____________. As a result, there can still be profits or losses in the short run. That means that the firm wants to maximize profits or minimize losses by producing the ______________: i.e., the level of output at which MR=MC.
1. Go to the profit-maximizing quantity, MR=MC
2. Draw a straight line to the optimal quantity
3. Draw a straight line from the quantity to the demand curve, which gives the profit-maximizing price
4. Compare that price to the ATC curve at the same quantity
5. profit or loss=(P-ATC)×Q
Steps to calculating profit:
minimum, rising, lowering
MC intersects both ATC and AVC at their _______________ points. When MC>ATC, ATC must be _________ since the marginal costs are greater than average costs. When MC<ATC, ATC must be __________ since the marginal costs are less than average costs.
pricing, allocatively, productively, normal, incentive, homogeneous
These are conditions that are true about firms under perfect competition under LONG-RUN equilibrium. P=MR because there's no ____________ strategy and firms are price-takers. P=MC at the ____________ efficient quantity, which means the price at which product sells equals the extra cost incurred. P=average ATC at is the ____________ efficienct quantity. Firms reach zero economic profit or ____________ profits. Firms have no ____________ to price their goods and services below the market price. The demand curve for each firm is horizontal. Products are ____________; therefore, there is no purpose for advertising.
Under perfect competition, long-run equilibrium leads to __________ profits, or zero economic profits.
In the short run, the firm should shut down at this point when price is less than average variable cost, AVC.
- P<AVC, the firm should shut down (total losses=TFC)
- P≥AVC, the firm should continue
The criterion for deciding whether to continue production in the short run under perfect competition:
-If a firm increases its price above the market price, customers will buy from another seller at the market price.
-If a firm lowers its price below the market price, it will incur losses and not increase its sales significantly since each firm has a very small share of a very large number of sellers.
The 2 reasons for which firms must sell at the market-determined price under perfect competition:
Under perfect competition, firms may incur some losses in the short run as long as they are covering _______ with the market price. Unless a firm can cover AVC with its price, it is more economical to shut down production and simply incur ______ losses. If price is greater than AVC, the firm will produce up to the level of output at which MR=MC, maximizing profits or minimizing losses.
produce, continue, optimal output
Under perfect competition, the firm should ___________ if P≥AVC. It should ___________ to produce as long as MR>MC. At the level of output at which MR=MC, profits would be maximized or losses minimized, which means that the ___________ would occur at MR=MC.
The formula for profit (or losses) at any price:
Under perfect competition, if price is at the highest level of output, yet is still less than average variable cost, the optimal output is _________ units of output.
While perfectly competitive firms do not earn economic profits in the _________ run, they often do in the _________ run. Due to the market having easy entry and exit, profits will attract new competition and firms, while losses create incentives to leave the market.
The rectangle between the MRDARP curve and the ATC curve represents either the economic _________ or _________.
The level of output at which MR=MC.
The market structure where one firm constitutes an industry and where no close substitutes exist for consumers. These can be potentially found under oligopoly and monopolistic competition.
This is used by economists to measure the concentrated power or power generated by shares of the market. It is the sum of the squares of the market shares of firms and in a particular market or industry.
A monopoly is at the opposite end from ________________ on the spectrum of market competitiveness.
-economies of scale
-copyrights or patents
Reasons for high barriers to entry in a monopoly:
This is a barrier to enter a monopoly. This body of power may give sole production rights to a single firm.
This is a barrier to enter a monopoly. A firm may control the resources required for production of a product.
economies of scale
This is a barrier to enter a monopoly. A firm that becomes very large may gain significant production advantages over its rivals by being able to produce with lower costs. Thus, competitors cannot compete as they may have higher production costs.
copyrights or patents
This is a barrier to entry monopoly. It occurs when the government grants sole production rights of a product to a single firm, such as new medical drugs.
elastic, positive, inelastic, negative, 0
A profit-maximizing monopoly will always produce in the ________________ range of the demand curve, or the upper half of the demand curve. In this range, marginal revenue is ________________. A monopolist will not produce in the ________________ range, as the marginal revenue is ________________. Total revenue is at its highest point when marginal revenue is ________________.
price-maker, one, MR=MC
Because a monopoly is both the firm and industry, it is a "________________." This also means that there is ________________ graph for a monopoly. A monopolist determines price and output where ________________.
1. Find the profit-maximizing quantity at MR=MC
2. Find the area of the rectangle to the left of MR=MC and below the demand curve
To calculate economic profit:
This is calculated by taking the price times quantity at the profit-maximizing point.
This is calculated by heading to the ATC curve from the profit-maximizing quantity and then taking the price at the ATC times the profit-maximizing quantity.
This is calculated by taking the total profit divided by the quantity.
This type of efficiency occurs when producing the exact amount of units that society wants, where P=MC.
This type of efficiency occurs when goods are being produced at the lowest minimum cost, where P=ATC.
higher, higher, deadweight loss
Monopolies price ________________ and produce at ________________ costs than is desirable, leading to a misallocation of resources. The situation creates a ________________.
This is the loss to society resulting from market inefficiency resulting in the reduction of consumer and producer surplus.
Unlike in perfect competition, a monopoly is not allocatively efficient because ________________ does not equal ________________.
P, minimum ATC
Unlike in perfect competition, a monopoly is not productively efficient as ________________ does not equal ________________.
below, above, right
When labeling deadweight loss with a monopoly or monopolistically competitive firm, it will always be ________________ the demand curve, ________________ marginal cost, and to the ________________ of the profit-maximizing quantity.
Monopolies have a ________________-sloping demand curve that implies that price is greater than marginal revenue, which implies a pricing policy that could actually lead to a lowering of prices by the monopolist in order to induce more sales.
This practice charges different customers with different prices for the same product. Monopolies or imperfectly competitive firms would charge each customer exactly the maximum price that each customer would be willing to pay. This is impossible.
elastic, resale, cost, price-maker
Price discrimination works best under these conditions. Separate markets for consumers based on different price elasticities' relatively ________________ demand. There must not be opportunities for the ________________ of the product. The price differences are not based on ________________ differences. The firm is a ________________.
-no consumer surplus
Distinctive features of a monopoly graph:
Monopolies that have extensive economies of scale and can provide a product at a lower cost than can several firms due to very high fixed costs. Electricity or water companies are examples of these.
efficiency, deadweight loss
Governments often regulate natural monopolies with the goal of increasing ________________ and reducing ________________.
The types of monopolies under government regulation:
Here government regulators will force the monopoly to have allocatively efficient pricing at P=MC. However, this pricing is likely below the ATC of production, which may force a firm to go out of business or require a large subsidy from taxpayers.
Regulator set the price at P=ATC wishing to let the monopoly break even and earn a normal profit, covering its implicit and explicit costs. However, this price is higher than is socially optimal, but is less than the unregulated monopoly price.
Unregulated monopolies produce at the profit-maximizing quantity of ________________ and underproduce and overcharge.
This is the point to which price and quantity will go under fair-return pricing for a monopoly.
This is the point to which price and quantity will go under socially-optimal pricing for a monopoly.
This is the point to which price and quantity will go for an unregulated monopoly.
Oligopolies and monopolistic competitors are ______________ since they are imperfect competitors.
This is something that monopolistic competition often develops in which there is underutilization of resources or inefficiency.
Oligopolies, collusive and noncollusive, tend to set prices in such a way that ______________, which is the standard identification and measure of monopoly pricing.
This form of market structure is characterized by many medium-sized firms that need to innovate and differentiate their products in both price and non-price competition. It is the most common type of market structure in the United States.
This form of market structure is characterized by relatively few sellers who act independently and/or collusively to be price makers. There is strong barriers to entry and exit.
Because of the amount of sellers and buyers under monopolistic competition, this is required in order for a firm to gain an advantage in a market. It distinguishes its products or services from rivals.
Barriers to enter a market under monopolistic competition are relatively ___________, so rivals must continuously innovate to survive. Customers are quite ___________ to prices since there are many good substitutes available, so competitors must find ways to distract the customers from prices and attract them to specialty features.
down, P>MR, P>MC
Under monopolistic competition, firms have ___________-ward sloping demand curves and are characterized by ___________ and ___________.
In this period of time under monopolistic competition, there are dynamic shifts in demand in an intense competitive environment. Firms will realize profits as demand for their products increases, sometimes at the expense of rival firms, and some firms will incur losses even to the extent of leaving the industry.
leave, increases, right
When firms lose money during the short run under monopolistic competition, some start to ___________ the industry. As these firms leave the industry, market share ___________ for the remaining firms. Demand and marginal revenue that shift to the ___________ for the adjusting firms, ending up in long-run equilibrium.
allocatively, productively, normal, capacity
A monopolistically competitive firm in LONG-RUN equilibrium is neither ___________ efficient nor ___________ efficient. A deadweight loss does exist, and it earns a ___________ profit but no economic profits. It also has excess ___________.
When it drawing a monopolistic competition graph in long-run equilibrium, make sure the demand curve is ___________ with the ATC before its minimum point.
This market structure is characterized by a very small number of firms that have market dominance. These rival firms are interdependent. They must closely consider the actions of other firms, as the output and price decisions of one firm can have a significant impact on an entire market.
An agreement (usually illegal) to agree on what price and the quantity will be produced in a market. These occur in oligopolistic markets.
This is a characteristic of oligopolies in which a price leader or dominant firm among other oligopolists can set the price to maximize profits and other firm simply price at the same level since they are unable to gain market share by maintaining their previous prices. The other firms in the market face smaller profits given their lower volume of production.
A group of firms in an oligopoly that act together and have a formal agreement not to compete. Rivals may divide markets among themselves according to regional areas or product specializations. They may have production limits or price agreements among its members in an effort to set or control prices.
The study of how people and firms act strategically in the context of a game. As rival oligopolistic firms attempt to maximize profits, the success of a strategy depends on the actions taken by the other firms. A firm may have a dominant strategy.
The best choice for the player in the game theory regardless of what the other player chooses.
game theory payoff matrix
This shows the potential profits for two competing firms in an oligopoly when they price both high and low. The first number will always be for the player on the left, and the last number, for the player on the top of it. This can be used to determine a firm's dominant strategy.
collude, cheat, incentive
A game theory payoff matrix can be used to determine how two firms in an oligopoly should best ___________. However, each side could have an incentive to ___________ on their agreement. This is why many collusive agreements in the real world are hard to maintain since the ___________ to cheat is strong in oligopolistic markets.
This occurs when players in a game theory payoff matrix choose the action that is best for them given the actions of the other players. In other words, it occurs when the game ends with both sides voluntarily choosing the same cell.
This is used to describe when each firm acts in its own interest in a game theory payoff matrix by choosing its best strategy considering the other player's actions, and a less than ideal outcome is the result.
dominant, Nash equilibrium, dominant strategy
Sometimes, a ___________ strategy is not always present for a firm in a game theory payoff matrix. However, ___________ can still be reached if both players know the information in the matrix. The firm that does not have a dominant strategy knows that the other firm will choose its ___________, and can make the best decision based on that.
If a subsidy is given to firms in a game theory payoff matrix if they choose a particular ___________, simply add the subsidy to the original ___________ in these particular cells.
The profit maximizing criterion for monopolistic competition and oligopoly:
The relationship between price and marginal cost for both monopolistic competition and oligopoly:
The tendency for monopolistic competition in the long run:
Firms are the _____________ in factor markets, not individuals, and individuals with their labor are the _____________.
In factor markets, this is made of firms searching for inputs, not consumers in the market for goods and services.
This relates the product and factor markets together. There is demand for the factors of production as this demand is derived from the goods that are produced by these inputs.
marginal revenue product, MRP
This is the addition to a firm's revenue when an additional input is employed. It is represented graphically by a down-sloping demand curve that tells a firm what hiring an additional unit of labor will contribute to their revenue.
marginal factor cost, MFC (aka marginal resource cost, MRC)
This is the additional cost employing an additional input like a machine or worker.
A firm maximizes its profits by continuing to hire inputs as long as _____________ up until the point where _____________.
To find the cost-minimizing combination from two different inputs used in production, a firm will adjust the ratio of inputs until the marginal product of labor divided by the price is equal to the marginal product of capital divided by the price.
The least-cost rule:
This occurs when there is a single buyer of labor. This is the "monopoly of the factor markets." Similar to how a monopoly overcharges and underproduces, it underhires and paysless than would occur in a competitive market.
These can shift the demand and supply for resources.
Business owners are concerned with whether the additional _____________ generated from the employee is greater than the _____________ of hiring the worker.
MRP=Δ in Total Revenue/Δ in Resource Quantity=MR×MP
Formula for marginal revenue product:
MFC=Δ in Total Resource Cost/Δ in Resource Quantity
Formula for marginal factor cost:
MFC=Δ in Total Resource Cost/Δ in Resource Quantity=Wage
Formula for marginal factor costs in perfectly competitive labor markets:
If _____________, the firm will no longer use that input, as it costs the firm more than it brings in revenue.
-changes in product demand
-changes in productivity
-changes in the prices of substitute or complementary resources
The 3 shifters of resource demand:
increase, resources, decrease, resources
An _____________ in the price of a product then increases MRP and the _____________ used in production. A _____________ in the price of our products then decreases MRP and the _____________ used in production.
An increase in technological progress increases _____________, and thus MRP as well (as MRP=MR×MP). Increases in productivity can make a firm more profitable and give them a greater _____________ to employ more resources and utilize the increased productivity of resources.
If the price of farm machinery decreases relative to farm laborers, more machinery would be utilized, and this would decrease the MRP of farm labor, shifting the MRP to the left. Farm machinery and farm laborers are an example of what type of resources.
If the price of lumber used to build new houses decreases, more homes will be built, increasing demand and thus MRP for construction workers, shifting MRP to the right. Lumber and construction workers are an example of what type of resources.
perfectly competitive labor market
This is comprised of many firms hiring workers with similar skills and abilities. Firms are wage-takers.
Firms that only hire a small percentage of the industry total, have no influence on the market wage, and must pay its hired workers the market-determined wage rate.
In factor markets, MRP is the _____________ curve and MFC is the _____________ curve.
Equilibrium points on factor market graphs are the _____________ that those markets will eventually come to.
Perfectly competitive labor market graphs for individual firms have a _____________ S=MFC=W curve
In factor market graphs, the x-axis is the _____________ and the y-axis is the _____________.
If the government sets an effective minimum wage, the wage will _____________, but the quantity hired in this labor market in the firm will _____________.
faster, wage-discriminate, higher
A monopsony has to approach looping curves, S and MFC. The MFC curves increase at a _____________ rate than the supply curve as a monopsony cannot _____________. As it hires additional workers, it must pay _____________ wages to them as well as to every other worker previously hired. This results in the MFC curve being higher than Supply.
Quantity of labor hired in a monopsonistic labor market would be at the quantity where _____________. They pay wage based on where _____________, so a monopsony hires few workers and pays less than would occur in a competitive market.
more, decrease, less, increase
If MPL/PL>MPK/PK, the firm will hire _____________ labor and _____________ its use of capital. If MPL/PL<MPK/PK, the firm will hire _____________ labor and _____________ its use of capital.
To solve a cost-minimizing problem, make a chart of the _____________ for both labor and capital.
A situation where free markets fail to satisfy society's wants by producing too much or too little of something. It is when any market fails to provide an efficient allocation of resources, and there can be a role for government to intervene and attempt to promote a more desirable social outcome.
marginal social benefit, MSB
The benefits that accrue to society when consuming a product; MPB+MEB
marginal social cost, MSC
The cost that incurr to society when an additional unit is produced; MPC+MEC.
Market failures result when private markets fail to produce at the efficient outcome where _____________, resulting in externalities.
The costs or benefits that affect people not involved in the production or consumption of a good. They can be positive or negative.
The production or consumption of a good or service that creates benefits for third parties not involved in the transaction. It causes the market to produce too little of the product from society's point of view as MPB<MSB.
If _____________, it's a positive externality. If _____________, it's a negative externality.
marginal private benefit, MPB
The increase in benefit obtained from consumption or production of one additional unit received by the entity consuming or producing the product.
marginal external benefit, MEB
The difference between the MSB and MPB curves imposed on society by the positive externality.
Formula for marginal social benefit in a positive externality:
MSC, MPB, MSB, MEB
In positive externality graphs, S=_____________ and D=_____________. The _____________ curve runs parallel to the demand curve, where the _____________ is the difference between them.
underproduction, MPB, MSB
In positive externality graphs, MSB>MPB, showing the market failure is causing _____________. The difference between the quantities where MSC intersects _____________ and _____________ signifies the amount of underproduction.
In positive externality graphs, the deadweight loss is the area between the MPB and MSB curves where _____________ intersects them.
A government payment for production of each unit of a product and gives a greater incentive for firms to increase production than a fixed subsidy not based on production quantity. It can be made equal to the marginal external benefit (MEB) to make firms produce at optimum quantity in positive externalities.
The production or consumption of a good or service that incurs costs for third parties not involved in the transaction. It causes the market to produce too much of the product from society's point of view as MPB<MSB.
marginal external cost, MEC
The difference between MPC and MSC curves imposed on society by the negative externality.
Formula for marginal social cost in a negative externality:
MPC, MSB, MSC, MEC
In negative externality graphs, S=_____________ and D=_____________. The _____________ curve runs parallel to the supply curve, where the _____________ is the difference between them.
overproduction, MSC, MPC
In negative externality graphs, MSB<MPB, showing the market failure is causing _____________. The difference between the quantities where MSB intersects _____________ and _____________ signifies the amount of overproduction.
In negative externality graphs, the deadweight loss is the area between the MSC and MPC curves where _____________ intersects them.
In positive externality graphs, the _____________ curve runs above and parallel to the MPB curve.
In negative externality graphs, the _____________ curve runs above and parallel to the MPC curve.
A government tax for production of each unit of a product and gives a greater incentive for firms to decrease production than a lump-sum tax not based on production quantity. It can be made equal to the marginal external cost (MEC) to make firms produce at optimum quantity in negative externalities.
The acronym for remembering positive externality graphs is _____________. The acronym for remembering negative externality graphs is _____________
-demand (2 demand curves, labeled MPB AND MSB)
Positive externality graph acronym:
-supply (2 supply curves, labeled MPC and MSC)
Negative externality graph acronym:
The idea that private parties can solve the issues created by externalities on their own, resolving the externalities without government intervention.
Goods that are exclusive and rival in consumption, as one person's consumption of it excludes others from benefiting from it, like baseball game seats.
Goods that are nonexclusive and nonrival, as one person's consumption of it does not exclude others from benefiting from it, like national defense
Because people know they can benefit from public goods without paying, the GOVERNMENT ends up providing public goods. This is why the government must collect revenue through taxes.
Curve that shows how much of a country's total income is earned by the number of households. A graph for income inequality. The x-axis is the percent of families and the y-axis is the percent of income.
perfect income equality, Lorenz
In an income inequality graph, the 45° degree line represents _____________. The banana-shaped curve is the _____________ curve, showing actual distribution of income. The bigger the gap between the two lines, the bigger the amount of income inequality.
A measure of income inequality that ranges from 0 to 1. A value of 1 would represent all income going to one family, whereas a value of 0 would represent all the families receiving the same amount of income.
A Gini coefficient closer to _____________ would mean there is less income inequality, whereas a number closer to _____________ would mean more inequality.
perfect income equality
A Gini coefficient of 0 would represent the _____________ line.
Formula for Gini coefficient using Lorenz curve:
perfect income equality, Lorenz, Lorenz
In the formula for the Gini coefficient, A is the area between the _____________ curve and the _____________ curve. B is the area below the _____________ curve.
Income taxation can be used by government in an attempt to reduce _____________.
The 3 types of taxes:
A tax resulting in higher tax rates as income increases. It can lessen the amount of income inequality in a society.
A tax resulting in the same tax rates regardless of income.
A tax where the average tax burden decreases as a percent of income rises. The sales tax on consumption is a good example.
-P=minimum ATC: productively efficient
-P=MC: allocatively efficient
-perfectly elastic demand curve (flat)
-easy entry and exit
-no long-run economic profits
Perfect Competition AND Monopolistic Competition:
-differentiated but similar products
-more elastic demand curve than oligopoly or monopoly
-downward sloping demand curve
-not productively or allocatively efficient
Monopolistic Competition AND Monopoly:
-no close substitutes
-If perfect price discrimination, D=MR
-downward sloping demand curve
-not productively or allocatively efficient
-high barriers to entry
-long run economic profits
Monopoly AND Oligopoly:
-10 or fewer firms
Oligopoly AND Perfect Competition:
-profit-maximizing firms that produce where MR=MC
-shut-down point: P<AVC
-similar cost curves
Characteristics of All 4:
Production Possibilities; U is inefficient
Production Possibilities; x is impossible
Production Possibilities; right shift indicates economic growth
increased demand = higher price and quantity
decreased demand = lower price and quantity
increased supply = lower $ and higher #
decreased supply = higher $ and lower #
price floor; causes a surplus
price ceiling; causes a shortage
perfect competition at equilibrium
perfect competition making a profit
perfect competition making a loss
perfect competition in a "shut down" position
monopoly making a profit
monopoly making a loss
monopolistic competition at equilibrium
supply and demand for labor
perfectly competitive demand for labor
monopsonistic competition for labor
a negative externality causes too many to be produced at too low a price
a positive externality causes too few to be produced at too low a price
the lorenz curve; measures income inequality
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