Econ Chapter 15

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Author:
misol
ID:
273177
Filename:
Econ Chapter 15
Updated:
2014-05-04 21:33:13
Tags:
Economy Final Chapter 15
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Description:
Economy final Shah
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  1. When a firms average total cost curve continually declines the firm is a
    natural monopoly
  2. fundamental cause of monopolies is
    Barriers to entry: legal (ie patent, copyright, trademark), technical (ie infrastructure cost), financial, reputation
  3. For a profit maximizing mopolist
    Price is GREATER than marginal revenue (=marginal cost)
  4. total revenue
    price x quantity sold
  5. Total Cost
    Average Total Cost x Quantity Sold
  6. Total Profit
    (Price - Total Average Cost) x Quantity Sold
  7. Deadweight Loss
    triangle between effecient quantity and monopoly quantity
  8. One problem with regulating a monopolist on the basis of cost is that
    it does not provide an incentive for a monopolist to reduce its cost
  9. Antitrust laws allow the government to
    all the above
  10. Price Descrimination
    when producer can sell same good at different prices to different customers

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