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Definition
| Non excludable, Non Rival |
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| (Q2-Q1)/[(Q2+Q1)/2)] over same thing with price |
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Term
| If goods have Positive cross-price elasticity |
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Definition
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Term
| if goods have Negative cross-price elasticity |
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Definition
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Term
| What effect does taxation have on markets with high elasticity (either supply or demand)? |
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Definition
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Term
| Incidence of tax: more elastic demand |
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Definition
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| Incidence of tax: more elastic supply |
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Definition
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Term
| Even though a law may assign one party (i.e. buyer or seller) the responsibility of paying a tax, the true tax burden usually differs because |
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Definition
| the new equilibrium (pre-tax) market price will usually fall, but not by the full amount of the tax |
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Definition
| long-run average total cost declines as output increases |
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Definition
| long-run average total cost rises as output increases |
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| Favorable change in taste |
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| buyers expect higher price in future |
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Definition
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| Substitute in production decreases in price |
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Definition
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Term
| complement in production increases in price |
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Definition
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Definition
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Definition
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Term
| Why doesn't free market provide non-rival goods? |
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Definition
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Term
| Why doesn't free market provide non-rival goods? |
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Definition
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