Matching Pairs Microeconomics Module 8Online version Yay! We love econ! It’s so much fun! by Sofia Silva 1 Single Price Monopoly 2 Market Clearing Price 3 Perfectly Competitive 4 Increasing Returns to Scale 5 Elasticity 6 Tax Incidence 7 Average Cost Curve 8 Pareto Efficient 9 Perfectly Price Discriminating Monopoly 10 Exogenous Shock A price where there is no excess supply or demand When production inputs double, output more than doubles A market with one supplier where the price is unique to each consumer and maximizes the individual’s willingness to pay A market with a large number of buyers and sellers that can freely enter and exit. The distribution of a tax across consumers and suppliers A market equilibrium where a change in price or quantity would make either the supplier or the consumer worse off The effect of a 1% change in price on the quantity demanded A force outside of the market that influences supply and/or demand The zero-profit isoprofit curve A market with only one supplier and a set price for all consumers
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