1
Q
Divergence of costs- negative production externality
A
MSC > MPC
2
Q
Divergence of costs- positive production externality
A
MSC
3
Q
Divergence of costs- negative consumption externality
A
MSB
4
Q
Divergence of costs- positive consumption externality
A
Economics Theme 1 revised
flashcards
Decks in class (30)
# Cards
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1- Economics as a social science definitions0
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1- Economics as a social science0
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1- Economics as a social science evaluation0
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2- Rational decision making definitions1
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2- Rational decision making3
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2- Rational decision making evaluation0
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3- Demand definitions7
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3- Demand5
-
3- Demand evaluation0
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4- Price/income/cross-elasticities definitions10
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4- Price/income/cross-elasticities22
-
4- Price/income/cross-elasticities evaluation0
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5- Supply definitions1
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5- Supply6
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5- Supply evaluation0
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6- Price elasticity of supply definitions1
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6- Price elasticity of supply9
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6- Price elasticity of supply evaluation0
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7- Price determination definitions2
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7- Price determination4
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7- Price determination evaluation0
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8- Price mechanism definitions3
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8- Price mechanism5
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9- Types of Market Failure definitions11
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9- Types of Market Failure2
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9- Types of Market Failure evaluation0
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10- Externalities definitions14
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10- Externalities4
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10- Externalities evaluation1
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11- Gov intervention27
