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ECO 3101 FSU FINAL EXAM with answers

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ECO 3101 FSU FINAL EXAM with answers

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ECO 3101 FSU FINAL EXAM with answers
economic (total) welfare - **🔰 VERIFIED ANSWERS🔰 ✔✔- the benefit or satisfaction an
individual gets from the allocation of resources

- the sum of PS and CS



consumer surplus - **🔰 VERIFIED ANSWERS🔰 ✔✔the difference between the highest
price a consumer is willing to pay for a good or service and the actual price the consumer
pays



producer surplus - **🔰 VERIFIED ANSWERS🔰 ✔✔the difference between the lowest
price a firm would be willing to accept for a good or service and the price it actually receives



dead weight loss - **🔰 VERIFIED ANSWERS🔰 ✔✔- the reduction in economic surplus
resulting from a market not being in competitive equilibrium

- determined by elasticity of demand



MR is less than price - **🔰 VERIFIED ANSWERS🔰 ✔✔because the monopoly must lower
price to sell more



elasticity of demand determines - **🔰 VERIFIED ANSWERS🔰 ✔✔the more elastic
demand is (closer to 0), the less market power the monopoly has



sources of market power - **🔰 VERIFIED ANSWERS🔰 ✔✔- no substitutes

- few sellers/barriers to entry

- location



EITC - **🔰 VERIFIED ANSWERS🔰 ✔✔PROS:

- does not generate unemployment

- targeted with standard incidence calculation

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