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Download DocumentWhat is a free-rider problem?
{Ans: When someone has the ability to receive the benefit of a good without paying for it}
When is profit maximized?
{Ans: When MR = MC}
What is a markup?
{Ans: The difference between price & marginal cost}
What is a competitive market?
{Ans: Includes many buyers and sellers, extremely similar goods, free entry & exit, and
What type of scale is olive garden or mcdonalds an example of?
{Ans: Constant return to scale}
What type of cost is an electricity bill? (Implicit or explicit)
{Ans: Explicit}
What happens when marginal revenue is less than marginal cost?
{Ans: firm has produced too much "Q" and profits are not maximized}
What does MPK stand for?
{Ans: Marginal product of capital}
What are the two conditions for price discrimination to be successful?
{Ans: 1) Firm must be able to distinguish groups of buyers with different willingness to pay
2) Firm must prevent resale of the good or service}
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