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Midterm 3 Terms - Flashcards

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Class:ECON 310 - Microeconomics: Theory and Applications
Subject:ECONOMICS
University:University of North Carolina - Chapel Hill
Term:Fall 2009
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Monopoly Market with only one seller Has market power Seeks to maximize profit at MR=MC Market demand is the same as demand for the firm's good
Market Power The ability of a seller to set price above marginal cost
Multiplant Firm One mopolist has two plants in which it can produce the same good
Rent Seeking Spending money in socially unproductive efforts to acquire, maintain, or exercise monopoly Ex: lobbying, avoiding antitrust legislation
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 MonopolyMarket with only one seller Has market power Seeks to maximize profit at MR=MC Market demand is the same as demand for the firm's good
 Market PowerThe ability of a seller to set price above marginal cost
 Multiplant FirmOne mopolist has two plants in which it can produce the same good
 Rent SeekingSpending money in socially unproductive efforts to acquire, maintain, or exercise monopoly Ex: lobbying, avoiding antitrust legislation
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