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| Any given point on the PPF achieves |
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Definition
PRODUCTIVE EFFICIENCY!!!
Not necessarily allocative!!!
ONLY PRODUCTIVE!!! |
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Definition
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Term
| Calculate Producer Surplus |
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Definition
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Term
| READ EACH QUESTION VERY ________ |
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Definition
CAREFULLY!!!
(that's where I fucked up) |
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Term
| Positive Cross Price Elasticity means if one's price goes up, other's demand ____ |
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Definition
GOES UP TOO!!!
POSITIVE MEANS THEY MOVE TOGETHER!! |
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Term
| When Govt taxes producers, Economic Theory says ___________ |
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Definition
| Tax is shared by both sides, but PROBABLY NNOOTT EQUALLY!!! |
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Term
| Profit Maximization occurs in competitive markets when |
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Definition
| Price equals MARGINAL COST |
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Term
| Calculate Consumer Surplus |
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Definition
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Definition
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Definition
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Term
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Definition
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Term
Monopolies &
Monopolistic Competition |
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Definition
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Definition
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