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Supply and Demand
$200The inverse relationship between price and quantity demanded defines this fundamental principle.
$400A situation where quantity supplied equals quantity demanded at a specific price.
$600Goods that see an increase in demand when consumer income rises.
$800The horizontal summation of individual firm supply curves in a perfectly competitive market.
$1000A binding floor set by the government above the equilibrium price.
Costs and Production
$200Costs that do not change with the level of output produced.
$400The additional output resulting from employing one more unit of a variable input.
$600A situation where long-run average costs increase as the scale of production grows.
$800The period where at least one factor of production is held constant.
$1000The U-shaped curve that always intersects marginal cost at its minimum point.
Consumer Choice
$200The satisfaction a consumer derives from consuming a unit of a good.
$400The rule stating a consumer should allocate income so the marginal utility per dollar spent is equal across all goods.
$600A graphical representation of all combinations of two goods that a consumer can afford.
$800The rate at which a consumer is willing to trade one good for another while remaining equally satisfied.
$1000The change in consumption resulting from a change in the relative price of goods.
Market Structures
$200A market with many buyers and sellers of identical products.
$400A single firm that serves as the only provider of a unique product with no close substitutes.
$600A market structure characterized by a few large firms and significant barriers to entry.
$800The strategy firms use in oligopolies to maximize joint profits.
$1000A market with many firms selling differentiated products with low barriers to entry.
Factor Markets
$200The demand for a factor of production derived from the demand for the final product.
$400The additional revenue generated by hiring one additional worker.
$600The market where labor services are traded between households and firms.
$800The wage rate at which the quantity of labor supplied equals the quantity demanded.
$1000A firm that is the sole employer of labor in a specific geographic area.
Market Failure
$200A cost imposed on a third party not involved in a market transaction.
$400A good that is both non-rival and non-excludable.
$600A benefit received by a third party from a transaction they did not participate in.
$800A tax levied on producers to account for the social cost of pollution.
$1000The scenario where individuals have an incentive to consume a resource without paying for it.