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