Microeconomics: Undergraduate Essays and Revision NotesThis book contains essays and revision notes for Microeconomics at the undergraduate level. This book includes the following topics: - Utility Curves; - Perfect Competition vs. Monopoly; - Oligopoly; - Collusion; - Monopolistic Competition; - Price Discrimination; - X-Efficiency; - Why do Firms Exist?; - Negative Externalities; - Positive Externalities; - Public Goods; - Adverse Selection; - General Equilibrium; - Efficiency Wages; - Minimum Wages and Unemployment; - Arrow-Pratt Risk-Aversion |
Common terms and phrases
absolute risk adverse selection agents airlines Allais paradox Arrow-Pratt assume assumptions asymmetric information axiom benefits Bowles budget line bundle cheating Coase collusive agreement consumer choice consumer’s consumption convex credible threats demand curve Economic efficiency wage elastic demand example expected utility external costs Figure firm’s firms exist Ford gamble Gravelle and Rees healthcare high risk buyers Holt and Laury increase indifference curve industry inefficient involuntary unemployment Katz and Rosen Leibenstein 1966 low risk buyers marginal market failure Mattioli maximize profit Microeconomics minimum wages monitor Monopolistically competitive monopoly monopsony negative externalities neoclassical firms neoclassical model neoclassical theory optimal Orbitz output Pareto efficient Pareto efficient allocation payoffs perfect competition perfectly competitive firms Pigouvian tax pollution positive externalities preferences price-makers property rights Resultantly risk aversion risk aversion measures shirking short-run socially optimum level super-normal profit sustain collusion team production transaction costs Varian welfare loss workers X-efficiency X-inefficiency