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Social planners
________ focus on the profit earned by the firm's owners, as well as the benefits received by the firm's consumers.
Arbitrage
________ is a process where good is bought in one market at a low price but sold to another market at an even higher price to profit off the price difference.
senior citizens
Children and ________ are charged lower prices in movie theaters.
deadweight losses
The ________ caused due to a monopoly are similar to the ________ that are caused due to taxes.
Discount coupons
________ are offered in newspapers, magazines, or online to the public.
Airplane seats
________ are sold at different prices to separate business travelers from leisure ones.
competitive enterprise economy
A(n) ________ will produce the largest possible income from a given stock of resources.
Monopoly
________: a firm that is the sole seller of a product without any close substitutes.
Sherman Antitrust Act
The ________ was passed by Congress in 1890, reducing the market power of dominating trusts at that time.
Vertical mergers
________ are mergers between firms at different stages of the production process.
Horizontal mergers
________ are mergers between two firms in the same market.
Clayton Antitrust Act
The ________ was passed in 1914, causing the government's powers to grow and authorizing private lawsuits.
Price discrimination
________: the business practice of selling the same good at different prices to different customers.
distribution of water
The ________ is an example of a natural monopoly.
output effect
The ________ shows that if more output is sold, Q will be higher, causing the total revenue to increase.
price effect
The ________ shows the prices falling, meaning P is lower, so the total revenue decreases.
Monopoly
_____________: a firm that is the sole seller of a product without any close substitutes.
Note 
Flashcard (32)