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Flashcards - Microeconomics Fundamentals for Business

Flashcards - Microeconomics Fundamentals for Business
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monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
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monopolistic competition
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes
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Price elasticity of demand
Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris paribus
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Disposable income
Disposable income is total personal income minus personal current taxes
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9 cards in set
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Disposable income
Disposable income is total personal income minus personal current taxes
Price elasticity of demand
Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris paribus
monopolistic competition
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes
monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
production possibilities curve
A production–possibility frontier or production possibility curve is a graphical representation of possible combination of two goods with constant resources and technology
capital goods
A capital good is a durable good that is used in the production of goods or services
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
law of increasing opportunity costs
In economics, the law of increasing costs is a principle that states that once all factors of production are at maximum output and efficiency, producing more will cost more than average
oligopoly
An oligopoly is a market form in which a market or industry is dominated by a small number of sellers

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