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21 questions
____________ the business practice of selling the same good at different prices to different customers
____________a type of monopoly that arises because a single firm can supply a good or service to an entire market at a lower cost than could two or more firms
______________a firm that is the sole seller of a product without any close substitutes
_______________a person who receives the benefit of a good but avoids paying for it
______________goods that are excludable but not rival in consumption
____________goods that are rival in consumption but not excludable
__________ goods that are neither excludable nor rival in consumption
____________goods that are both excludable and rival in consumption
_____________ the property of a good whereby one person’s use diminishes other people’s use
____________the property of a good whereby a person can be prevented from using it
_____________ the fall in total surplus that results from a market distortion, such as a tax
______________ the property of distributing economic prosperity uniformly among the members of society
______________ the property of a resource allocation of maximizing the total surplus received by all members of society
___________________the amount a seller is paid for a good minus the seller’s cost of providing it
____________the value of everything a seller must give up to produce a good
__________the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
___________the maximum amount that a buyer will pay for a good
_____________the study of how the allocation of resources affects economic well-being
______________the manner in which the burden of a tax is shared among participants in a market
___________a legal minimum on the price at which a good can be sold
_____________a legal maximum on the price at which a good can be sold
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