micro vocab ch 13-17
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| show | the study of how firms’ decisions about prices and quantities depend on the market conditions they face
🗑
|
||||
| show | the amount a firm receives for the sale of its output
🗑
|
||||
| total cost | show 🗑
|
||||
| show | total revenue minus total cost
🗑
|
||||
| explicit costs | show 🗑
|
||||
| show | input costs that do not require an outlay of money by the firm
🗑
|
||||
| show | total revenue minus total explicit cost
🗑
|
||||
| economic profit | show 🗑
|
||||
| production function | show 🗑
|
||||
| marginal product | show 🗑
|
||||
| diminishing marginal product | show 🗑
|
||||
| show | costs that do not vary with the quantity of output produced
🗑
|
||||
| variable costs | show 🗑
|
||||
| show | total cost divided by the quantity of output
🗑
|
||||
| show | fixed cost divided by the quantity of output
🗑
|
||||
| average variable cost | show 🗑
|
||||
| show | the increase in total cost that arises from an extra unit of production
🗑
|
||||
| Average total cost | show 🗑
|
||||
| show | tells us the increase in total cost that arises from producing an additional unit of output
🗑
|
||||
| show | the quantity of output that minimizes average total cost
🗑
|
||||
| show | The marginal-cost curve crosses the average-total-cost curve at
🗑
|
||||
| diseconomies of scale | show 🗑
|
||||
| show | the property whereby long-run average total cost falls as the quantity of output increases
🗑
|
||||
| constant returns to scale | show 🗑
|
||||
| specialization | show 🗑
|
||||
| coordination problems | show 🗑
|
||||
| show | a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
🗑
|
||||
| average revenue | show 🗑
|
||||
| show | Buyers and sellers in competitive markets must accept the price the market determines and, therefore, are said to be
🗑
|
||||
| the price of the good | show 🗑
|
||||
| show | the change in total revenue from an additional unit sold
🗑
|
||||
| the price of the good | show 🗑
|
||||
| the market price. | show 🗑
|
||||
| show | Marginal-cost curve determines the quantity of the good the firm is willing to supply at any price, the marginal-cost curve is the competitive firm’s
🗑
|
||||
| show | refers to a short-run decision not to produce anything during a specific period of time because of current market conditions
🗑
|
||||
| leave the market | show 🗑
|
||||
| show | a cost that has already been committed and cannot be recovered
🗑
|
||||
| sunk cost. | show 🗑
|
||||
| variable costs of production | show 🗑
|
||||
| above average variable cost. | show 🗑
|
||||
| the firm exits the market if | show 🗑
|
||||
| above average total cost | show 🗑
|
||||
| show | The process of entry and exit ends only when price and average total cost are
🗑
|
||||
| more elastic than the short-run supply curve. | show 🗑
|
||||
| show | While a competitive firm is a price taker, a monopoly firm is
🗑
|
||||
| Monopoly | show 🗑
|
||||
| show | The fundamental cause of monopoly is
🗑
|
||||
| Barriers to entry | show 🗑
|
||||
| natural monopoly | show 🗑
|
||||
| show | arises when there are economies of scale over the relevant range of output.
🗑
|
||||
| The output effect: | show 🗑
|
||||
| The price effect: | show 🗑
|
||||
| marginal-cost curve | show 🗑
|
||||
| show | In competitive markets, price equals __________. In monopolized markets, price exceeds it
🗑
|
||||
| show | the _________ quantity is found where the demand curve and the marginal-cost curve intersect
🗑
|
||||
| socially efficient | show 🗑
|
||||
| price discrimination | show 🗑
|
||||
| arbitrage, the process | show 🗑
|
||||
| show | a situation in which the monopolist knows exactly each customer’s willingness to pay and can charge each customer a different price
🗑
|
||||
| show | companies that merge to lower costs through more efficient joint production known as
🗑
|
||||
| Oligopoly | show 🗑
|
||||
| concentration ratio | show 🗑
|
||||
| show | a market structure in which many firms sell products that are similar but not identical
🗑
|
||||
| show | monopolistic competition describes a market with the what attributes:
🗑
|
||||
| efficient scale of the firm. | show 🗑
|
||||
| show | Firms are said to have _________under monopolistic competition
🗑
|
||||
| The product-variety externality: | show 🗑
|
||||
| The business-stealing externality: | show 🗑
|
||||
| Oligopoly | show 🗑
|
||||
| show | the study of how people behave in strategic situations
🗑
|
||||
| show | an agreement among firms in a market about quantities to produce or prices to charge
🗑
|
||||
| cartel | show 🗑
|
||||
| show | a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen
🗑
|
||||
| The output effect: | show 🗑
|
||||
| The price effect: | show 🗑
|
||||
| prisoners’ dilemma | show 🗑
|
||||
| show | a strategy that is best for a player in a game regardless of the strategies chosen by the other players
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
romoore245
Popular Economics sets