• Chapter 8: Pure MonopolyChapter 8: Pure Monopoly

    An Introduction to Pure Monopoly Single seller—a sole producer No close substitutes—unique product Price maker—control over price Blocked entry—strong barriers to entry block potential competition Nonprice competition—mostly PR or advertising the product

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  • Chapter 7: Pure CompetitionChapter 7: Pure Competition

    We will be discussing all four of these market models, but first we will start with pure competition. The other market models will be discussed in future chapters. Pure competition involves a very large number of firms producing a standardized product and there is easy entry and exit. Pure monopoly is a market structure in which one firm is the sol...

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  • Chapter 6: Businesses and Their CostsChapter 6: Businesses and Their Costs

    The Business Population Plant Factory, farm, mine, store, website, warehouse Firm Operates one or more plants Industry Group of firms that produce the same products

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  • Chapter 5: Market Failures: Public Goods and ExternalitiesChapter 5: Market Failures: Public Goods and Externalities

    Market Failures Market fails to produce the right amount of the product Resources may be Overallocated Underallocated

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  • Chapter 4: Elasticity of Demand and SupplyChapter 4: Elasticity of Demand and Supply

    Price Elasticity of Demand Measures buyers’ responsiveness to price changes Elastic demand Sensitive to price changes Large change in quantity Inelastic demand Insensitive to price changes Small change in quantity

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  • Chapter 3W: Web Appendix: Additional Examples of Supply and DemandChapter 3W: Web Appendix: Additional Examples of Supply and Demand

    Lettuce Supply shifts left for lettuce Weather destroys part of the crop Demand doesn’t change Consumers still want as much lettuce as before Equilibrium price rises, which will reduce the quantity demanded

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  • Chapter 3: Demand, Supply, and Market EquilibriumChapter 3: Demand, Supply, and Market Equilibrium

    Markets Interaction between buyers and sellers Markets may be: Local National International Price is discovered in the interactions of buyers and sellers

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  • Chapter 2: The Market System and the Circular FlowChapter 2: The Market System and the Circular Flow

    Economic Systems Set of institutional arrangements Coordinating mechanism Differences in systems exist by: Who owns the factors of production What method is used to motivate, coordinate, and direct economic activity

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  • Chapter 1W: Web Appendix: Graphs and Their MeaningChapter 1W: Web Appendix: Graphs and Their Meaning

    Dependent and Independent Variables Independent variable—the variable causing a change in some other (dependent) variable Also called the causal variable Dependent variable—the variable that changes as a result of a change in some other (independent) variable Also called the outcome variable

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  • Chapter 1: Limits, Alternatives, and ChoicesChapter 1: Limits, Alternatives, and Choices

    Introduction Economics defined: Economic wants exceed productive capacity. A social science concerned with making optimal choices under conditions of scarcity.

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