1
Q
Monopoly
A
A firm that is the only producer of a good or service with no close substitutes
2
Q
Natural monopoly
A
A market in which a single firm can produce, at a lower cost than multiple firms, the entire quantity of output demanded
3
Q
Price discrimination
A
The practice of charging customers different prices for the same good
Microeconomics
flashcards
Decks in class (19)
# Cards
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Chapter 1 - Economics and Life11
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Chapter 3 - Markets0
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Chapter 4 - Elasticity12
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Chapter 5 - Efficiency10
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Chapter 6 - Government Intervention11
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Chapter 7 - Consumer Behavior12
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Chapter 8 - Behavioral Economics: A Closer Look at Decision Making5
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Chapter 9 - Game Theory and Strategic Thinking11
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Chapter 12 - The Costs of Production20
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Chapter 13 - Perfect Competition4
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Chapter 14- Monopoly3
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Chapter 15- Monopolistic Competition and Oligopoly8
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Exam 2 review66
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Chapter 10- Information9
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Chapter 18- Externalities13
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Chapter 19 - Public Goods and Common Resources8
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Chapter 2- Specialization and Exchange6
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Chapter 20 - Taxation18
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Formulas1
