quick review

additional revenue from selling one more unit

MR = price for price taking businesses perfect comp
MR<price for price making businesses inother market structures

cost of producing one more additional unit of output

operating near capacity = increasig M
not operating near capacity = constant MC

increasing quantity gives profits when MR>MC
stop increasing quantity when MR<NC
Pmax = MC = MR

public ownership
regulation

crown corporations (TTC)
Rate of return regulation - setting price so the monopoly is only just covering average total cost and normal profit

confess-confess
this is the same as cheat cheat on any agreements of collusion

mathematical tool for understanding how players make decisions, taking into account what they expect their rivals to do

criminal offences:
-price fixing
-bid rigging
-false/misleading advertising

civil offences:
-mergers - punished by fines and legal prohibitions

the oversuse and depletion of a resource that no one can be excluded from because of missing property rights

balances the additional enviornmental benefits of lower pollution with the additional opportunity costs of reduced living standards

the socially desirable amount of pollution is not zero because the opportunity costs of reducing pollution will be greater than the additional benefits gained of lower pollution

MSC = MSB

households are sellers and businesses are buyers

income - a flow
wealth - a stock