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micro test 2

micro vocab ch 5,6,7,11

Elasticity A measure of the responsiveness of the quantity demanded or quantity supplied to one of its determinants.
Price elasticity of demand A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Total revenue The amount paid by buyers and received by sellers of a good computed as P × Q.
Total revenue The amount a firm receives for the sale of its output
Income elasticity of demand A measure of how much the quantity demanded of a good responds to a change in consumers' income.
Cross-price elasticity of demand A measure of how much the quantity demanded of one good responds to a change in the price of another good.
Price elasticity of supply A measure of how much the quantity supplied of a good responds to a change in the price of that good.
Price floor A legal minimum on the price at which a good can be sold
Price ceiling A legal maximum on the price at which a good can be sold
Tax incidence The manner in which the burden of a tax is shared among participants in a market
Welfare economics The study of how the allocation of resources affects economic well-being
Willingness to pay The maximum amount that a buyer will pay for a good
Consumer surplus The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
Cost The value of everything a seller must give up to produce a good
Efficiency The property of society getting the most from its scarce resources
Efficiency Getting maximum output from the resources available
Efficiency The property of a resource allocation of maximizing the total surplus received by all members of society
Equality The property of distributing economic prosperity uniformly among society's members
Equality The property of distributing prosperity uniformly among the members of society
Producer surplus The amount a seller is paid for a good minus the seller's cost of providing it
Excludability The property of a good whereby a person can be prevented from using it
Rivalry in consumption The property of a good whereby one person's use diminishes other people's use
Private goods Goods that are both excludable and rival in consumption
Public good A good that we may all use at the same time without diminishing another's benefits
Public goods Goods that are neither excludable nor rival in consumption
Common resources Goods that are rival in consumption but not excludable
Cost-benefit analysis A study that compares the costs and benefits to society of providing a public good
Free rider A person who receives the benefit of a good but avoids paying for it
Tragedy of the Commons A parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole
club goods goods that are excludable but not rival in consumption
Created by: romoore245



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