Last Modified: 2014-06-07
The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives
The reduction in economic surplus resulting from a market not being in competitive equilibrium
the uses of information about marginal costs and the price elasticity of demand to set profit=maximizing prices
- all costs become variable
- exists only in theory (because it's always in the future)
- is constantly changing as decisions adjust the length of the short run
- profits=zero in equilibrium
how much wealth people want to hold in lquid form
- higher prices (lower value) increase demand
- lower prices (higher value) decrease demand
- downward sloping
the line showing that expenditure equals aggregate income.
Words From Our Students
"StudyBlue is great for studying. I love the study guides, flashcards, and quizzes. So extremely helpful for all of my classes!"
Alice, Arizona State University
"I'm a student using StudyBlue, and I can 100% say that it helps me so much. Study materials for almost every subject in school are available in StudyBlue. It is so helpful for my education!"
Tim, University of Florida
"StudyBlue provides way more features than other studying apps, and thus allows me to learn very quickly! I actually feel much more comfortable taking my exams after I study with this app. It's amazing!"
Jennifer, Rutgers University
"I love flashcards but carrying around physical flashcards is cumbersome and simply outdated. StudyBlue is exactly what I was looking for!"