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Microeconomics - Rent seeking Natural monopoly...

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Key Concepts for the Second Exam – ECON 301 Spring 2009 8:price taker 8(continued)output rule Free entry shut-down rule Marginal revenue producer surplus Entry rule (p295) economic rent Constant/increasing/decreasing cost industry 9: welfare effects of a policy 14:derived demand Deadweight loss from a policy marginal revenue product Economic efficiency marginal expenditure Production efficiency Equity Externalities Price support Import quota Tariff Subsidy Impact of a tax/subsidy Incidence of a tax/subsidy 10:Lerner Index Deadweight loss of monopoly
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Unformatted text preview: Rent seeking Natural monopoly Rate-of-return regulation Monopsony power Bilateral monopoly Parallel conduct Predatory pricing 11:Price discrimination 12:Monopolistic competition Reservation price Nash equilibrium First-degree price discrimination Cournot model Block pricing Reaction curve Third-degree price discrimination Non-cooperative game Intertemporal price discrimination Payoff matrix Peak-load pricing Prisoners’ dilemma Two-part tariff Kinked demand curve model Dominant firm model Cartel...
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