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Microeconomics Year 1 > Perfect competition - shut down condition > Flashcards

Perfect competition - shut down condition Flashcards

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Microeconomics Year 1 (46 decks)

The Economic Problem

Demand and the Demand curve

Supply and the Supply curve

Market equilibrium and disequilibrium

Price mechanism

Consumer and Producer surplus

Interrelated markets

Elasticities (PED,XED,YED,PES)

Elasticity and the business use

Indirect tax - Full market impact

Indirect tax and elasticity

Subsidy - Full Market Impact

Minimum Pricing ( Price Floors )

Maximum Pricing

Allocative efficiency

Types of Market Failure

Negative externalities

Positive Externalities

Merit and Demerit goods

Common access resources (Tragedy of the commons)

Government Failure

Indirect taxation and market failure

Subsidy and market failure

Regulation and market failure

State provision and market failure

Price controls and market failure

Information provision

The free market

Specialisation and the division of labour

Law of diminishing returns

Short run costs - Fixed and Variable

Marginal and Average cost curves

Total cost curves - TC + TVC

Long run average cost and returns to scale

Economies of scale

Profit - Normal Supernormal profit and subnormal profit

Objectives of firms

Barriers to entry and exit of firms

Business efficiency , allocative , productive , dynamic and X efficiency

Perfect competition

Perfect competition - shut down condition

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