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cause Supply-side market failures. This is because a producer did not take into account for all of the production costs, such as pollution. It can be fixed by direct controls and specific taxes.

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When someone who didn't directly buy the good or product are affected. Like a concert, or a loud barking dog, others can hear the noise when the individuals didn't spend their dollar votes.

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a product's cost or benefit is carried over to someone who is not the immediate buyer or seller.

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Free riding is when someone is willing to pay for a public good but there is no feasible way to make them pay without excluding other.

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Add together people's willingness to pay for a good.

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There is no effective way of excluding individuals from the benefit of the good once it comes into existence

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Logical way to decide how much of a public good should be produced by the govt. MB must be greater than MC.

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Everyone can simultaneously obtain the benefit from a public good such as national defense, street lighting, and environmental protection

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Sellers can keep people from buying a product by raising the price of a good.

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The public goods (education, streets, police) that could be produced in private sector. Govt produces them to avoid underproduction of them by businesses.

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When one person buys and consumes a good, it isn't available for another person to buy it

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Goods that are offered for sale in stores or the internet

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Move resources from private to public sector by making taxes that lower producer's demand for resources.

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Consumer and producer surplus reduction; a result from both underproduction and overproduction

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Achieved because the correct number or resources is allocative to a particular good, relative to other competitive goods and services.

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Competition forcing producers to use the best technology and resources available, minimizing the cost.

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Occurs when the supply curve doesn't reflect the full cost of producing a good or service

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Difference between the amount the producer receives, and the minimum price a consumer would demand for the product.

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when a consumer is paying less than their maximum willingness to pay for a good

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Occurs when the demand curve doesn't reflect the full willingness of the consumer

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Supply side and demand side market failures are the two options. Supply side is when the cost of a good on the curve does not reflect reality, while supply is when the consumer's willingness to pay for a good is not reflected on the curve.

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Measures consumers response to a change in their incomes by buying more or less of a particular good

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Shortages and surpluses are created when the quantity is not at equilibrium

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The efficiency rate at which producers can shift between different resources.

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A period time long enough for firms to adjust their plant sizes. The longer time producers have, the greater the output response.

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Measures how sensitive consumer purchases of one product change the price of another product.

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A period of time too short to change plant capacity but long enough to use that fixed plant size more or less extensively

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Perfect inelasticity: no response to a change in price.
Perfectly Elastic: Parallel line to x axis

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(Change in Quantity)/sum of quantity/2)

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A time peiod when the change in the market price is too short to allow producers to respond with a change in quantity supplied.

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The percent change in quantity is less than the percent change in price.

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The percent change in quantity is greater than the percent change in price.

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when a product is inelastic, the revenue will go up with the quantity sold, while elastic would have an inverse relationship between the two.

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The percent change in quantity is the same as the percent change in quantity.

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Determinants of Price Elasticity of Demand

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Determinants of Price Elasticity of Demand

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-Substitutability
-Proportion of Income
-Luxuries vs. Necessities
-Time