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