Chapter 17- Behavioral and Experimental Economics
CHAPTER 17: BEHAVIORAL AND EXPERIMENTAL ECONOMICS
Behavioural economics- branch of economics that incorporates insights
from human psychology into models of economic behaviour.
17.1: When human
Chapter 9- Market Power and Monopoly
CHAPTER 9: MARKET POWER AND MONOPOLY
Market power- a firms ability to influence the market price of its
Monopoly- a market served by only one firm.
Monopolist- the sole supplier and price setter of
Chapter 13- Investment, Time, and Insurance
CHAPTER 13: INVESTMENT, TIME, AND INSURANCE
Investment- the purchase of capital in the present with the intent of
reaping future benefits.
Insurance- a payment from one economic actor to another with
Chapter 10- Market Power and Pricing Strategies
CHAPTER 10: MARKET POWER AND PRICING STRATEGIES
10.1: The basics of pricing strategy
Pricing strategy- a firms method of pricing its product based on market
The pricing strategy f
Chapter 16- Externalities and Public Goods
CHAPTER 16: EXTERNALITIES AND GOODS
Externality- a cost or benefit that affects a third party not directly
involved in an economic transaction.
Negative externality- a cost imposed
Chapter 12- Game Theory
CHAPTER 12: GAME THEORY
Game theory- the study of strategic interactions among two or more
Strategic decision- an action made based on the anticipation of others
Simultaneous game- a game in whi
Chapter 11- Imperfect Competition
CHAPTER 11: IMPERFECT COMPETITION
11.1: What does equilibrium mean in an Oligopoly?
Imperfect competition- market structure with characteristics between
those of perfect competition and monopoly.
Chapter 15- Asymmetric Information
CHAPTER 15: ASYMMETRIC INFORMATION
Complete information- situation in which all participants in an economic
transaction know the relevant information.
Asymmetric information- a situation in which there is an i
Chapter 14- General Equilibrium
CHAPTER 14: GENERAL EQUILIBRIUM
14.1: General Equilibrium effects in action
General equilibrium analysis- the study of market behaviour that
accounts for cross-market influences and is concerned with conditions