private goods
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Goods that are both excludable and rival in consumption
inelastic demand
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elasticity is less than 1
price discrimination
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business practice of selling the same good at different prices to different
customers
demand curve shifters
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income, prices of related goods, tastes, expectations, number of buyers,
price
efficiency
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the property of a resource allocation of maximizing the total surplus
received by all members of society
common resources
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Goods that are rival in consumption but not excludable
public goods
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Goods that are neither excludable nor rival in consumption
total cost
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The market value of the inputs a firm uses in production
competitive market
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A market in which there are many buyers and many sellers so that each has
a negligible impact on the market price
diseconomies of scale
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Goods that are both excludable and rival in consumption
inelastic demand
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elasticity is less than 1
price discrimination
Give this one a try later!
business practice of selling the same good at different prices to different
customers
demand curve shifters
Give this one a try later!
income, prices of related goods, tastes, expectations, number of buyers,
price
efficiency
Give this one a try later!
the property of a resource allocation of maximizing the total surplus
received by all members of society
common resources
, Give this one a try later!
Goods that are rival in consumption but not excludable
public goods
Give this one a try later!
Goods that are neither excludable nor rival in consumption
total cost
Give this one a try later!
The market value of the inputs a firm uses in production
competitive market
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A market in which there are many buyers and many sellers so that each has
a negligible impact on the market price
diseconomies of scale
Give this one a try later!
