Micro Economics (General)

Fyu Vb
Flashcards by Fyu Vb, updated more than 1 year ago
Fyu Vb
Created by Fyu Vb about 5 years ago
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adverse selection a situation in which a person at risk is more likely to take out insurance
allocative efficiency achieved when society is producing an appropriate bundle if goods relative to consumer preferences
Cartel an agreement between firms in a market on price and output with the intention of maximising their joint profits
ceteris paribus a latin phrase meaning 'other things being equal' when looking at one variable with otjer influences equal
command economy an economy where decisions on resource allocation are made by the state
comparative static analysis effect on equlibrium of a change in the external conditions affecting a market
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