Chapter 7: Micro Flashcards by silence 72

Q

Competitive equilibrium model

A

163

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Q

Deadweight loss

A

173

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Q

Equilibrium price

A

166

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Q

First theorem of welfare economics

A

171

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Q

Income inequality

A

171

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Q

Invisible hand

A

162

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Q

Pareto efficiency

A

169

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Q

Shortage (excess demand)

A

168

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Q

Surplus (excess supply)

A

168

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