Microeconomics

When production moves from the efficient quantity to a point of overproduction,

Started by schs14

The concept of "the invisible hand" suggests that markets

Started by Yolanda

The figure above shows the market for pants. If the efficient quantity is produced,

Started by Arii_bell

Deadweight loss and market failure are created when a market produces

Started by deesands

If one producer has control over an entire market and underproduces, the producer will

Started by notis

When people cannot be excluded from consuming a good, even if they have not paid for the good, ...

Started by Collmarie

A good or service can be consumed by a person even if he or she didn't pay for it is called ________ good.

Started by oliviahorn72

A benefit that accrues to people other than the buyer of a good is known as ________ benefit.

Started by maegan_martin

When a product benefits people other than the buyer of the product, the product is said to have

Started by Haya94

Air pollution is an external cost because it

Started by captainjonesify

A cost not borne by the producer but borne by other people is known as ________ cost.

Started by luminitza

When the cost of producing a product is paid, at least in part, by someone other than the producer, ...

Started by crazycityslicker

When there is a cost or benefit that affects someone other than the seller and buyer, then there is

Started by pragya sharda

What is the impact of a government subsidy to producers?

Started by jman1234

If the government imposes a tax on a competitive market with no externalities, then i.resource use ...

Started by armygirl

Obstacles in achieving efficiency in a market include

Started by crobinson2013

Which of the following government policies ensures market efficiency?

Started by ishan

Which of the following leads to a deadweight loss? i.overproductionii.underproductioniii.taxesiv.monopoly

Started by jlmhmf

In the above figure, if the quantity is equal to 500,000 units, the deadweight loss is equal to

Started by gonzo233

In the above figure, if the quantity is restricted to 500,000 and the price is allowed to rise to ...

Started by pragya sharda

In the above figure, if the market quantity is restricted to 500,000 and the price is allowed to ...

Started by genevieve1028

In the above figure, if the market is in equilibrium, area A + area B + area C equals

Started by jhjkgdfhk

What do economists call the loss society experiences when there is market failure and the production ...

Started by sammy

A quantity less than the equilibrium quantity in a competitive market is inefficient because

Started by 123654777

When there is market failure so that a market produces less than the efficient amount,

Started by Shelles