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🧃Intermediate Microeconomic Theory
Key Terms

258 essential vocabulary terms and definitions to know for your Intermediate Microeconomic Theory exam

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A

Ad valorem tariff
Advertising effectiveness
Advertising Elasticity
Allocation Efficiency
Antitrust Laws
Arrow's Impossibility Theorem
Arthur C. Pigou
Arthur Cecil Pigou
Aspiration Levels
Average Cost
Average Product
Averch-Johnson Effect

B

Bargaining power
Bargaining Set
Benefit Principle of Taxation
Bonus structures
Brand loyalty
Brownfield Investment

C

Cap-and-trade system
Carbon tax
Carbon trading
Cardinal utility
Centipede Game
Certainty effect
Ceteris Paribus
Chain-store paradox
Chamberlin Model
Choice Architecture
Clarke-Groves Mechanism
Cobb-Douglas Production Function
Cobb-Douglas utility
Collective willingness to pay
Commitment devices
Commitment strategies
Common Knowledge
Common Pool Resources
Common-pool resources
Comparative advertising
Comparative statics
Compensating Variation
Complete information
Computable general equilibrium models
Constant Returns to Scale
Constrained Optimization
Consumer equilibrium
Consumer welfare
Contract theory
Coordination games
Correlated Equilibrium
Cost Function
Cost-output relationship
Credit Markets
Credit unions
Cumulative share of income
Customization Differentiation

D

Decoy Effect
Default risk
Demand function
Demand-supply equilibrium
Diminishing Sensitivity
Dominant Firm

E

Economic Mobility
Education as a positive externality
Effects of Minimum Wage on Economic Rent
Efficient Market Hypothesis
Elasticity Calculation Methods
Elasticity of Substitution
Environmental goods and services
Equity-efficiency trade-off
Equity-efficiency tradeoff
Equivalent Variation
Excess Supply
Exclusive Contracts
Expected utility
Expected Utility Theory