Term
| The Coase Theorem applies best when transaction costs are: |
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Definition
| low and property rights exist |
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Term
| In economics, a public good: |
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Definition
| allows free riders to benefit from the good |
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Term
| Following the Decision rule will lead to: |
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Definition
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Term
| As a person eats more, at some point each extra bite gives less satisfaction. This is consistent with: |
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Definition
| the law of diminishing total utility |
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Term
| The net benefit consumers get from buying a good in the market is: |
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Definition
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Term
| All good decisions are made: |
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Definition
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Term
| The law of diminishing returns implies that at some output level |
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Definition
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Term
| If a price ceiling exists then |
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Definition
| the quantity supplied is less than the quantity demanded |
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Term
| Comparative advantage refers to: |
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Definition
| relative opportunity costs of producing a particular good |
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Term
| If the ATC curve is rising, then the MC curve must be |
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Definition
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Term
| Define: Monopolistic Competition |
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Definition
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Definition
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Definition
| Maximum that can be produced |
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Definition
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Definition
| Buy because lack of income |
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Term
| Define: Comparative Advantage |
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Definition
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Definition
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| Define: Diminishing returns |
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Definition
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Definition
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Definition
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Definition
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| Define: Profit Maximization |
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Definition
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Term
| Define: Revenue Maximization |
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Definition
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Definition
| Can't exclude me from others |
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Term
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Definition
| Side effect or unanticipated result |
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Term
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Definition
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Definition
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Term
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Definition
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Definition
| Benefits without paying cost |
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Term
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Definition
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Term
| What is non-rival consumption? |
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Definition
| My consumption does not reduce yours |
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Term
| According to Coase, when would the government need to be involved? |
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Definition
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Term
| Name four ways the government has dealt with externalities |
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Definition
| Regulations; Marketable permits; taxes; subsidies; zoning |
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