M

Manufacturing sector,

See Sector - manufacturing

Market economies,

Factor Markets - Market-Factors - 1,16

Market failure,

Externalities - Marketable Pollution Credits - 8

Marginal analysis,

Perfect Competition - Firm Supply - 5

Marginal cost (MC)

Production Costs - Mutiple Choice Questions - 4,6,15,16,17

• calculation of,
  Production Costs - Marginal Cost - 2-3

  definition of,

  Production Costs - Marginal Cost - 1

  curve

  Production Costs - Cost Curves - 3-4

  • with average variable cost and average total cost
    Production Costs - Cost Curves - 5-8

Marginal cost - marginal benefit analysis,

Externalities - Introduction - 1

Marginal factor cost (MFC),

See Factors of production - marginal factor cost

Marginal physical product (MPP),

See Marginal product

Marginal product (MP),

Production Costs- Diminishing Returns - 3

Production Costs- Marginal Product - 1-2

Factor Markets - Factor Demand - 3-20

Production Costs - Mutiple Choice Questions - 13

Current Events - Productivity

Marginal product of capital (MP_K),

Factor Markets - Firm Hiring - 11-24

Factor Markets - Mutiple Choice Questions - 15-16

Marginal product of labor (MP_L),

Factor Markets - Firm Hiring - 11-24

Factor Markets - Mutiple Choice Questions - 15-16

Marginal rate of substitution (MRS),

Consumer Choice - Indifference Curves - 6-8

Consumer Choice - Utility Maximization - 4

Marginal rate of technical substitution,

Factor Markets - Firm Hiring - 10

Factor Markets - Mutiple Choice Questions - 16

Marginal revenue (MR),

Perfect Competition - Firm Demand - 3

Monopoly - Profit Maximization - 1-6

Monopolistic Competition - Introduction - 4-5, 10

Oligopoly - Kinked Demand - 4

Factor Markets - Factor Demand - 5-20

Current Events - Productivity

Marginal revenue product (MRP),

Factor Markets - Factor Demand - 5-20

Factor Markets - Market Power - 2-8

Factor Markets - Firm Hiring - 2-4

Factor Markets - Mutiple Choice Questions - 1-4,9

Current Events - Productivity

Marginal technical rate of substitution (MTRS)

See Marginal rate of technical substitution

Marginal utility (MU)

Consumer Choice - Surplus - 4

Consumer Choice - Curves - 8

• and Marginal cost with public goods,
  Public Goods - Demand for Public Goods - 1
  Public Goods - Free Rider - 1-4
  Public Goods - Optimal Provision - 1

  definition of,

  Consumer Choice - Utility - 2

  shown graphically,

  Consumer Choice - Utility - 5-8

Marketable pollution credits,

See Pollution - credits

Market adjustment,

Demand & Supply - Market Adjustment - 1-15

Market equilibrium,

See Equilibrium

Market power,

Factor Markets - Market Power - 1

Market price,

Demand & Supply - Law of Supply - 1

Demand & Supply - Equilibrium - 1

Demand & Supply - Other Output Price - 1

Elasticity - Introduction - 1

Perfect Competition - Cost Change - 11

Perfect Competition - Equilibrium - 1

Perfect Competition - Firm Supply - 7

Maximum efficient scale (Max ES),

Production Costs - Long Run Costs - 8-9

Merger,

Monopoly - Introduction - 5

Microeconomics

• definition of,
  Introduction - Micro - 4

Minimum efficient scale (Min ES),

Production Costs - Long Run Costs - 8-9

Minimum of Average Total Cost (ATC),

See Average Total Cost - minimized

Minimum wage,

Factor Markets - Market Power - 12-16

Minimum wage law,

Factor Markets - Market Power - 12-13

Monopolistic competition

• change in costs,
  Monopolistic Competition - Cost Change - 1-14
  Monopolistic Competition - Mutiple Choice Questions - 5,8,9,10

  characteristics of,

  Monopolistic Competition - Introduction - 2-10

  definition of,

  Monopolistic Competition - Introduction - 1

  demand curve for,

  Monopolistic Competition - Introduction - 4

  demand in monopolistically competitive markets

  • change in demand,
    Monopolistic Competition - Demand Change - 1-11
    Monopolistic Competition - Mutiple Choice Questions - 2

  marginal revenue and demand,

  Monopolistic Competition - Demand Change - 1-11

  entry barriers,

  Monopolistic Competition - Entry Barriers - 1-9

  Monopolistic Competition - Mutiple Choice Questions - 7,11

  exit from industry,

  Monopolistic Competition - Introduction - 9-10

  Monopolistic Competition - Mutiple Choice Questions - 2

  free entry into industry,

  Monopolistic Competition - Excess Capacity - 1

  Monopolistic Competition - Mutiple Choice Questions - 1,3

  long run,

  Monopolistic Competition - Mutiple Choice Questions - 6,9

  and losses,

  Monopolistic Competition - Cost Change - 3, 10

  Monopolistic Competition - Excess Capacity - 4

  and marginal cost,

  Monopolistic Competition - Introduction - 5

  Monopolistic Competition - Cost Change - 2

  Monopolistic Competition - Mutiple Choice Questions - 3

  and marginal revenue,

  Monopolistic Competition - Introduction - 4-5, 10

  Monopolistic Competition - Cost Change - 8-13

  Monopolistic Competition - Demand Change - 2, 8, 9, 11

  and profit,

  Monopolistic Competition - Demand Change - 4

  Monopolistic Competition - Cost Change - 7

  Monopolistic Competition - Excess Capacity - 2

  Monopolistic Competition - Mutiple Choice Questions - 5,8,9,10

  profit maximization in,

  Monopolistic Competition - Demand Change - 9

  Monopolistic Competition - Cost Change - 2, 10

  Monopolistic Competition - Excess Capacity - 4

  Monopolistic Competition - Mutiple Choice Questions - 4

Monopoly

• change in costs,
  Monopoly - Introduction - 2
  Monopoly - Mutiple Choice Questions - 6,7,10,14

  characteristics of,

  Monopoly - Introduction - 2

  definition of,

  Monopoly - Introduction - 1-5

  demand curve for,

  Monopoly - Profit Maximization - 4

  Monopoly - Mutiple Choice Questions - 8,9

  demand in monopoly markets

  • change in demand,
    Monopoly - Demand Change - 1-8

  marginal revenue and demand,

  Monopoly - Profit Maximization - 4-6

  entry barriers,

  Monopoly - Entry Barriers - 1-17

  exit from industry,

  Monopoly - Introduction - 2

  Monopoly - Profit Maximization - 14

  long run,

  Monopoly - Entry Barriers - 13-14, 17

  Monopoly - Profit Maximization - 13-14, 16

  Monopoly - Mutiple Choice Questions - 3

  and losses,

  Monopoly - Introduction - 1-5

  Monopoly - Profit Maximization - 8, 14-15

  natural,

  Production Costs - Long Run Costs - 4

  Monopoly - Introduction - 5

  and marginal cost,

  Monopoly - Profit Maximization - 7

  Monopoly - Mutiple Choice Questions - 16,17

  and marginal revenue,

  Monopoly - Profit Maximization - 1-6

  Monopoly - Demand Change - 1, 3, 7

  Monopoly - Mutiple Choice Questions - 13

  and price discrimination,

  Monopoly - Price Discrimination - 1-9

  Monopoly - Mutiple Choice Questions - 4,5,12

  and profit,

  Monopoly - Introduction - 3

  Monopoly - Profit Maximization - 2-16

  Monopoly - Mutiple Choice Questions - 2,11,15

  profit maximization in,

  Monopoly - Profit Maximization - 7-12

  Monopoly - Mutiple Choice Questions - 1,2,3

Monopoly rents,

See Economic rents

Monopsonist,

Factor Markets - Market Power - 4-19

Factor Markets - Mutiple Choice Questions - 1,12

Monopsony,

Factor Markets - Market Power - 4-20

Factor Markets - Mutiple Choice Questions - 1,12,13

Movement along demand curve,

See Demand curve - movement along

Movement along supply curve,

See Supply curve - movement along

N

Nash equilibrium

See Game theory - nash equilibrium

Natural monopoly

See Monopoly - natural

Necessity goods,

Elasticity - Demand - Income - 7-9, 16, 21

Negative relationship,

Introduction - Graphs - 6,7

Demand & Supply - Demand Introduction - 2-3

Demand And Supply - Law of Demand - 2

Nonlinear pricing,

Monopoly - Price Discrimination - 2

Nonlinear relationship,

Introduction - Graphs - 5,7

Non-rivalness in consumption of public goods,

See Public good - non-rivalness

Normal goods,

Demand & Supply - Normal & Inferior - 1-4

Elasticity - Demand - Income - 1, 6-11, 18

Consumer Choice - Income and Substitution Effect - 1

Elasticity - Mutiple Choice Questions - 13,14

• necessity goods,
  See Necessity goods

  luxury goods,

  See Luxury goods

O

Oil market,

Current Events - Energy Use

Current Events - Oil Price Increases

Oil prices,

Current Events - Energy Use

Current Events - Oil Price Increases

Oil Producing Countries (OPC),

Current Events - Oil Price Increases

See also Organization of Petroleum Exporting Countries (OPEC)

Oligopolists' dilemma. See also Game theory - prisoners' dilemma

Oligopoly - Introduction - 7

Oligopoly - Dilemmas - 1, 9

Oligopoly - Repeated Games - 1-2, 11

Oligopoly - Mutiple Choice Questions - 2,7,10

Current Events - TV Reruns

Current Events - Oil Price Increases

Oligopoly

• characteristics of,
  Oligopoly - Introduction - 1-7

  and collusion,

  See Collusion

  demand curve for,

  See Kinked demand curve

  demand in oligopoly markets

  • marginal revenue and demand,
    Oligopoly - Introduction - 4-6
    Oligopoly - Kinked Demand - 4

  and game theory,

  See Game theory

  and marginal cost,

  Oligopoly - Kinked Demand - 5-6

  Oligopoly - Mutiple Choice Questions - 16

  and marginal revenue,

  Oligopoly - Kinked Demand - 4-6

  Oligopoly - Mutiple Choice Questions - 14

  and product differentiation,

  Oligopoly - Introduction - 2, 7

  and profit,

  Oligopoly - Dominant Strategy - 2-4, 10

  Oligopoly - Mutiple Choice Questions - 15,17

  and profit maximization,

  Oligopoly - Introduction - 3-4

  Oligopoly - Game Theory Introduction - 2

  Oligopoly - Kinked Demand - 1, 3, 6

  Oligopoly - Mutiple Choice Questions - 12

OPEC (Organization of Petroleum Exporting Countries),

See Organization of Petroleum Exporting Countries (OPEC)

Opportunity cost,

• definition of,
  Introduction - Cost & Profit - 1
  Introduction - Opportunity Costs - 2

  and demand and supply,

  Demand & Supply - Law of Supply - 3

  Demand & Supply - Other Output - 1

  Demand & Supply - Production Costs - 1

  and factor markets,

  Factor Markets - Supply - 6

  Factor Markets - Present Value- 7

  Factor Markets - Economic Rents - 1

  and monopolistic competitors,

  Monopolistic Competition- Entry Barriers - 6

  and production possibilities frontier,

  Introduction - Production Possibilities - 1-20

  Introduction - Mutiple Choice Questions - 3-11

  Current Events - Hurricanes and Strikes

Optimal provision of public goods. See also Allocative Efficiency

Public Economics - Optimal Provision - 1-3

Public Economics - Free Rider - 1, 3

Organization of Petroleum Exporting Countries (OPEC),

Current Events - Energy Use

Current Events - Oil Price Increases

Output (s)

• changes in,
  Production Costs - Curves - 1-5
  Production Costs - Cost Shifts - 3
  Current Events - Productivity
  Current Events - Oil Price Increases
  Current Events - Drug Bust

  definition of,

  Factor Markets - Introduction - 2

  total output,

  Factor Markets - Factor Demand - 2

Own price elasticity of demand,

See Price elasticity of demand

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