Price Discrimination
capturing consumer surplus - in competitive market, only 1 price set
- some consumers willing to pay more than that set price
- firm would make
Economics
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Monopsony
single buyer - takes advantage of sellers
- oligopsony - market w/ only a few buyers
- monopsony power - lets buyer pay less th
Social Costs of Monopoly
demand shifts - will only change price 
- quantity produced by monopoly s
Types of Cost
accounting cost - actual expenses, plus depreciation
- more concerned with past performance
- depreciation expenses calculated for capital equip
Monopoly Power
price-maker - monopoly offers only 1 source for a given good
- firms in competitive market take the price of the market
- can't charge
Effect of Elasticities on Surplus
long-run effects - elasticities can change in the long run
- elasticity - generally the slope of the curves
- will alter the shape of
Specific Taxes
tax - on a per-unit basis, cost divided between consumer and producer
- subsidy - essentially a negative tax
- treated as an in
Quotas and Tariffs
limiting production - effectively changes the supply curve
- like w/ a price ceiling, limits the available supply
- remember that pri
Price Supports
agricultural policy - US uses price supports to control domestic market
- gov't sets price at level higher than that of free-market
- gov't buy
Long-Run Output
long-run profit maximization -
- marginal costs change now that firm can adjust more inputs in long run
- economic profit made as long as margin
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