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MARKET EQUILIBRIUM

MARKET EQUILIBRIUM

MARKET EQUILIBRIUM. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. MARKET EQUILIBRIUM. Market equilibrium is perhaps the most important concept in economics.

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411 views • 15 slides
MARKETS AND ECONOMIC EFFICIENCY

MARKETS AND ECONOMIC EFFICIENCY

MARKETS AND ECONOMIC EFFICIENCY. Microeconomics Made Easy by Dr. William Yacovissi Mansfield University. MAXIMIZING BEHAVIOR. The Logic of Maximizing Behavior The assumption of maximizing behavior lies at the heart of economic analysis. Firms are assumed to maximize economic profit.

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755 views • 12 slides
PRODUCTION

PRODUCTION

PRODUCTION. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. PRODUCTION. The process of transforming inputs into a product for sale is called production A company incurs costs in the production process.

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270 views • 11 slides
PRICE CEILINGS AND FLOORS

PRICE CEILINGS AND FLOORS

PRICE CEILINGS AND FLOORS. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. PRICE CEILINGS. At times the government decides the market price of a product is unfairly high. In these cases the government may impose a price ceiling.

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488 views • 11 slides
MARKET DEMAND

MARKET DEMAND

MARKET DEMAND. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. Profits. Profit is the difference between money earned from selling a good, and money paid to produce the good.

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247 views • 11 slides
OLIGOPOLY MARKETS

OLIGOPOLY MARKETS

OLIGOPOLY MARKETS. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. OLIGOPOLY. Oligopolies are markets in which a few large firms divide the market among themselves

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366 views • 9 slides
PERFECT COMPETITION IN THE SHORT RUN

PERFECT COMPETITION IN THE SHORT RUN

PERFECT COMPETITION IN THE SHORT RUN. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. TOTAL & MARGINAL REVENUE. Profit is the difference between total revenue and total cost.

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248 views • 9 slides
MONOPOLISTIC COMPETITION

MONOPOLISTIC COMPETITION

MONOPOLISTIC COMPETITION. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. MONOPOLISTIC COMPETITION.

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219 views • 8 slides
COST OF PRODUCTION

COST OF PRODUCTION

COST OF PRODUCTION. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. COST OF PRODUCTION. In order to make a product, or offer a service, a company must buy or supply the materials needed to make the product.

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396 views • 7 slides
THE NATURE OF MONOPOLY

THE NATURE OF MONOPOLY

THE NATURE OF MONOPOLY. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. CHARACTERISTICS OF MONOPOLY. The characteristics of monopoly markets are described on pages 207, 208, and 209

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325 views • 6 slides

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