Y1 - Economics for IB

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Summary

Week 4

Rijksuniversiteit Groningen · International Business

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Chapter 6: Efficiency and Exchange
Market Equilibrium and Efficiency
Efficiency is not the only goal
Why Efficiency should be the first Goals
The Cost of Preventing Price Adjustments
Marginal Cost Pricing of Public Services
Chapter 7: Profits, Entry and Exit: the Basis for the “Invisible Hand”
The “Invisible Hand” Theory
Economic Rent vs. Economic Profit
The “Invisible Hand” in Action
The Distinction between an Equilibrium and a Social Optimum

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