Microeconomics (Monopoly Pricing+Tax+Antitrust)

These flashcards cover key concepts related to monopoly pricing, corporate taxation, and economic theories discussed in the lecture.

Surplus Value

The extra value workers produce beyond their wages, viewed by Marx as a source of profit and exploitation.

Monopoly

A firm with the power to set prices, contrasting with perfect competition where firms are price takers.

Creative Destruction

Schumpeter's concept that new firms and technologies replace old ones, driving economic growth.

Double Taxation

The taxation of corporate profits at both the corporate level and again as dividends to shareholders.

Price Discrimination

Charging different prices to different consumers for the same good based on their price sensitivity.

Pass-Through Entities

Businesses like sole proprietorships and partnerships that avoid corporate taxes by having income taxed on owners' personal returns.

Economies of Scale

Cost advantages that firms experience as their production increases, leading to lower average costs.

Barriers to Entry

Factors that prevent new competitors from easily entering an industry, such as patents or strong brand loyalty.

Network Effects

A situation where a product becomes more valuable as more people use it, creating a stronger monopoly.

Corporate Tax Revenue

Taxes collected from corporations, which are a significant but declining source of federal tax revenue.