Microeconomics (Christopher T.S. Ragan) (z-lib.org)

The Firm’s Demand Curve for a Factor a. The MRP Curve Is the Factor Demand Curve b. Elasticity of the Firm’s Factor Demand Curv ...

We now examine four situations in which the free market fails to achieve allocative efficiency—market power, externalities, non- ...

a. Intrinsic Differences b. Acquired Differences c. Compensating Differentials c. Can Differentials Be Eliminated? 2. Economic R ...

They do not try to turn imperfectly competitive industries into perfectly competitive ones. Nor do they try to induce such firms ...

d. 4. Discrimination a. A Model Without Discrimination b. A Model with Discrimination c. Temporary or Equilibrium Differentials? ...

Externalities Recall from Chapter 12 that in order for the economy to be allocatively efficient, marginal benefit (or value) mus ...

a. Technological Change b. Globalization c. Other Contributing Causes a. Decline of Labour Unions b. The “Gig” Economy c. Execut ...

Figure 16-1 Externalities Lead to Allocative Inefficiency from using the product, however intangible those benefits may be. Soci ...

b. Several Periods in the Future 2. The Present Value of a Stream of Future Sums 3. Summary E. 15.3 The Demand for Capital The ...

When there is an externality, either too much or too little of the good is produced. If the market for this good is perfectly co ...

b. 2. Technological Improvement c. 3. Policies to Encourage Investment 3. Long-Run Trends in the Capital Market H. Summary 15.1 ...

neighbours’ view and the value of their property. Yet the individual renovator ignores the benefits that her actions have on the ...

b. Common-Property Resources c. Excludable but Non-Rivalrous Goods d. Public Goods 4. Asymmetric Information a. Moral Hazard b. ...

With a positive externality, a competitive free market will produce too little of the good. With a negative externality, a compe ...

b. Public Choice Theory c. Governments as Monopolists 4. How Much Should Government Intervene? H. Summary 16.1 Basic Functions ...

Table 16-1 Four Types of Products Non-Rivalrous and Non-Excludable Goods Economists classify goods and services into four broad ...

a. Problems with Emissions Taxes 3. Tradable Pollution Permits: “Cap and Trade” a. Technological Improvement b. Problems with Ca ...

Free markets cope best with rivalrous and excludable goods—what we here call “private” goods. The table gives examples of goods ...

17.1 The Economic Rationale for Reducing Pollution LO 1 17.2 Pollution-Reduction Policies LO 2, 3 17.3 The Challenge of Global ...

unless you buy it first. A radio signal is not excludable; the signal is there for anyone to access. Private Goods Most goods an ...