Micro 2

3. example of Irish monopoly
4. the Nash equilibrium in prisoner’s dilemma (game theory)
6. when output is less than most efficient point on ATC in Monopolistic competition
8. the long run position of a firm in Monopolistic competition
11. the difference between price paid and marginal cost in Monopolistic competition
12. consequence of non-excludability of public good
15. when a monopoly charges different prices for same good.
16. restriction on quantity
17. the very best economics lecturer in SETU
19. an externality that incurs a cost on a third party
20. market structure dominated by few firms
21. the difference between private benefit and social benefit.

1. a good which is rival and excludable
2. an example of the tragedy of the commons
5. when addition of marginal product reduces total product
7. maximum price above equilibrium
9. total cost divided by output
10. an area on a diagram showing the redistribution of consumer and producer surplus
13. maximum price below equilibrium
14. an economy policy which addresses the incidence of a positive externality
18. the tax burden on the consumer or producer