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Begg et al Positive Microeconomics

This class was created by Brainscape user Christopher Sheridan. Visit their profile to learn more about the creator.

By: Christopher Sheridan
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Decks in this class (12)

Elasticities of demand and supply Key terms
The price elasticity of demand ped,
Demand is elastic if,
Demand is inelastic if
15  cards
Elasticities of demand and supply Summary
Unless otherwise specified the el...,
Demand elasticities are,
Demand is elastic if
19  cards
Consumer choice and demand decisions Key terms
The budget constraint,
The marginal rate of substitution,
Diminishing marginal rate of subs...
11  cards
Consumer choice and demand decisions Summary
Given the budget constraint the t...,
The budget line shows the,
Because the consumer prefers more...
20  cards
Introducing Supply Decisions Key terms
Limited liability,
Stocks,
Revenue
15  cards
Introducing Supply Decisions Summary
The theory of supply is,
There are three types of firm,
Companies are owned by
12  cards
Costs and Supply Key terms
An input or factor of production,
Technically efficient,
Production function
23  cards
Costs and Supply Summary
This chapter discusses short run ...,
Long vs short run,
The production function shows the
15  cards
Perfect Competition and pure monopoly Key terms
A perfectly competitive market,
A monopolist,
Normal profits
8  cards
Perfect competition and pure monopoly Summary
In a competitive industry each bu...,
For a competitive firm the price is,
Adding at each price the quantiti...
12  cards
Market structure and imperfect competition Key terms
An imperfectly competitive firm,
An oligopoly,
An industry with monopolistic com...
17  cards
Market structure and imperfect competition Summary
Imperfect competition exists when,
Pure monopoly status can be,
At the opposite extreme
10  cards

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Begg et al Positive Microeconomics

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