ECON-1006EL Study Guide - Comprehensive Final Exam Guide - Demand Curve, United States Dollar, Marginal Utility
20 Nov 2018
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This concept also shows surplus and shortages, overall showing how much of a product is demanded or deemed necessary. 5 key concepts of the supply and demand curve . The set of factors that cause the demand curve to shift and the set of the factors that cause the supply curve to shift. The way the market equilibrium changes when the supply curve or demand curve shifts. Marginal external cost (mec): an uncompensated cost that an individual or rm imposes on others. Marginal external bene t (meb): a bene t that an individual or rm confers on others without receiving compensation. Marginal private bene t (mpb): the additional bene t the polluter receives from producing another unit of pollution. Internalize the externality: when individuals take external costs or bene ts into account. Emissions tax: a tax that depends on the amount of pollution a iim produces. Transaction costs: the costs to individuals of making a deal.
