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First-degree price discrimination, alternatively known as perfect price discrimination, occurs when a firm charges a different price for every unit consumed. The firm is able to charge the maximum possibl...

Public goods are non-excludable and non-rival - i.e. you cannot be stopped from consuming the good and this does not affect others' consumption
Externalities are benefits/costs to a third party outsi...

GPD, or Gross Domestic Product, can be defined as the total value of goods and services produced in an economy over a given period of time; specifically, GDP includes all private and public consumption, g...

Opportunity cost is the next best alternative choice that someone has. In an economy, it can be confronted by several actors; the government itself, consumers, or firms.
On an indiv...

answer structure: definition, equation/ graphs, explanationdefinition: PED measures the responsiveness of demand for a product to a change in its own priceequation: change in demand %/ change in price % (...