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by Daisy Becerra
1

A consumer ? s willingness to pay is also called their .

2

Marginal benefit ( MB ) equals the consumer ? s for one more unit .

3

Consumer surplus equals minus .

4

On a graph , consumer surplus is the under demand and above .

5

Consumers with demand are more price sensitive .

6

Firms charge prices to consumers with less elastic demand .

7

Average fixed costs as output increases .

8

With no market power , firms produce where equals .

9

With market power , marginal cost is than price .

10

Market power leads to output and prices .

11

A negative externality imposes on others .

12

Corrective taxes internalize the cost of production .

13

Corrective subsidies encourage activities with .

14

Social efficiency occurs where equals .

15

A monopoly has seller .

16

Perfectly competitive firms are takers .

17

Economic profits cause firms to the market .

18

Charging different prices to groups is called pricing .

19

Charging based on time / effort uses the method .

20

Perfect price discrimination gives all surplus to the .

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