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8 Cards in this Set
- Front
- Back
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The short-run market supply curve is __________ at the shutdown price. |
Horizontal |
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The cross elasticity of demand for a substitute is __________, where as for a compliment it is __________. |
Positive, negative |
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What is a non-excludable good? |
A good or service or a resource is non-excludable if it is impossible (or extremely costly) to prevent someone from enjoying its benefits. |
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What is a rival good? |
A good, service, or resource is rival if it’s use by one person decreases the quantity available for someone else. |
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What is a production quota? |
An upper limit to the quantity of a good that may be produced in a specified period. |
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What is a cooperative equilibrium? |
The outcome of a game in which the players of the game make and share the monopoly profits. |
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What job is expected to grow the most for economics majors? |
Market research analyst |
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Canada’s anti-combine laws date from ________. |
1889 |
