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RYERSONECN 104Halis YildizSummer

ECN 104 Chapter Notes - Chapter 8: Monopoly Price, Natural Monopoly, Marginal Revenue

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13 Jun 2011
30
An industry in which one firm is the sole producer (seller of a product/service for which no close substitutes exist. Single seller: the firm & industr
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RYERSONECN 104Halis YildizSummer

ECN 104 Chapter Notes - Chapter 7: Competitive Equilibrium

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13 Jun 2011
57
Perfect competition: a market structure in which a very large number of firms produce a standardized product; product identical to that of other produc
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RYERSONECN 104Halis YildizSummer

Chapter 6

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13 Jun 2011
25
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RYERSONECN 104Halis YildizSummer

Chapter 5

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13 Jun 2011
52
As a consumer increases consumption of a good/service, the marginal utility (satisfaction) obtained from each additional unit of the good/service decre
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RYERSONECN 104Halis YildizSummer

Chapter 4

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13 Jun 2011
39
Chapter 4: elasticity, consumer surplus and producer surplus. Elasticity allows analysis of supply and demand with greater precision: measure of how ma
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RYERSONECN 104Halis YildizSummer

Chapter 3

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13 Jun 2011
26
3. 1 demand: demand: a schedule/curve that shows the various amounts of product consumers are willing & able to purchase at each of a series of possibl
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RYERSONECN 104Halis YildizSummer

Chapter 2

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13 Jun 2011
28
Chapter 2: the market system and the circular flow. Economic system: a particular set of institutional arrangements and a coordinating mechanism to res
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RYERSONECN 104Halis YildizSummer

Chapter 1

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13 Jun 2011
70
Chapter 1: limits, alternatives and choice seat #: 1665. 1. 1 ten key concepts to retain for a lifetime. Scarcity in relation to wants means you face t
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