342 Answered Questions for the topic microeconomics
Positive Externalities, Public Goods, Joint Consumption, Pigouvian Taxes and Subsidies And NBA Basketball Part 2
Positive Externailities, Pigouvian Taxes and Subsidies, Public Goods with a bit of Game Theory.. Part 1
In a competitive market, the equilibrium price represents the ____________ ____________.
According to the First Fundamental Welfare Theorem, when a competitive market equilibrates, the values of consumer surplus and producer surplus are _______________.
Study guide question
True or False? The Individual-Firm Demand curve facing a perfect competitor is a normal downward sloping demand curve.
True or False? Under monopolistic competition, we assume there are only a few number of firms. That is how they behave as monopolists in the short run.
True or False? Product differentiation allows monopolistic competitors to be price makers.
True or False? Unregulated contested monopolies can be just as efficient as their perfectly competitive counterparts.
True or False? Monopolists (a single firm industry) maximize profits the exact same way as perfect competitors, by producing a quantity that equates their marginal revenue with their marginal cost.
True or False? Incentives to innovate, such as patents, trademarks, and copyrights, have the additional effect of assisting firms in acquiring monopoly power.
Firms in perfectly competitive markets can reduce their prices in order to capture market share and earn greater profits in the short run. T/F
What is the defining feature of an oligopolistic market?
What does the traditional “Circular Flow” diagram used to describe the market economy ignore?
A Pigouvian tax is a negative externality correcting commodity tax set equal to what?
Why are externalities considered market failures?
To otherwise competitive markets, taxes and subsidies are?
Microeconomics: The Resource Market
Profit Maximization for Oligopoly
Trade and Positive Externality Question
Monopoly Graph Question