tailieunhanh - Ebook Principles of microeconomics (7th edition): Part 2

(BQ) Part 2 book "Principles of microeconomics" has contents: Identifying markets and market structures; price and output in monopoly, monopolistic competition, and perfect competition; perfect competition under oligopoly; under oligopoly; externalities, market failure, and public choice; and public choice,.and other contents. | Find more at C H A P T E R IDENTIFYING MARKETS AND MARKET STRUCTURES 10 . T o market, to market To buy a fat pig Home again, home again Jiggety-jig TO THE ECONOMIC PRINCIPLES ASSOCIATED WITH: * The use of cross elasticity to define markets * The relationship between firms, industries, and markets * Market structures * The characteristics of monopoly * The characteristics of monopolistic competition * The characteristics of perfect competition * The role of advertising © Royalty-Free/CORBIS Is the nursery rhyme familiar? Think back! Even as a little child, you were already acquainted with markets. And the nursery rhyme makes it very clear that markets are where you buy fat pigs. What the nursery rhyme does not tell you, however, is the price you pay for fat pigs. It doesn’t tell you whether goods are available to substitute for fat pigs, or whether the market’s structure is a monopoly, an oligopoly, perfect or monopolistic competition. Perhaps that is asking too much. This chapter and the two following go beyond the nursery rhyme. In this chapter we identify which goods belong to which markets and how these markets differ. The following two chapters analyze how prices are determined in these monopoly, oligopoly, perfectly competitive and monopolistically competitive markets. THIS CHAPTER INTRODUCES YOU Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. 224 PART 3 Find more at THE MICROECONOMICS OF PRODUCT MARKETS DEFINING THE RELEVANT MARKET Is a Rose Is a Rose Is a Rose? Relevant market The set of goods whose cross elasticities with others in the set are relatively high and whose cross elasticities with goods outside the set are relatively low. When Gertrude Stein wrote her celebrated line “Rose is a rose is a rose

• Kinh tế học
• Principles of microeconomics
• Identifying markets
• Market structures
• Monopolistic competition
• Perfect competition
• Market failure
• Public choice
• Lecture Principles of microeconomics
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Policy analysis with supply
• Policy analysis with demand
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Firms profit graphically
• Accounting profit
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing