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  2. Freedom of choice - Wikipedia

    en.wikipedia.org/wiki/Freedom_of_choice

    In microeconomics, freedom of choice is the freedom of economic agents to allocate their resources (such as goods, services, or assets) as they see fit, among the options that are available to them. [10] [11] It includes the freedom to engage in employment available to them. [12]

  3. Free-rider problem - Wikipedia

    en.wikipedia.org/wiki/Free-rider_problem

    [3] In social science, the free-rider problem is the question of how to limit free riding and its negative effects in these situations, such as the free-rider problem of when property rights are not clearly defined and imposed. [4] The free-rider problem is common with public goods which are non-excludable [b] and non-rivalrous.

  4. Microeconomics - Wikipedia

    en.wikipedia.org/wiki/Microeconomics

    Microeconomics analyzes the market mechanisms that enable buyers and sellers to establish relative prices among goods and services. Shown is a marketplace in Delhi. Shown is a marketplace in Delhi. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce ...

  5. Marginal revenue - Wikipedia

    en.wikipedia.org/wiki/Marginal_revenue

    Marginal revenue under perfect competition Marginal revenue under monopoly. The marginal revenue curve is affected by the same factors as the demand curve – changes in income, changes in the prices of complements and substitutes, changes in populations, etc. [15] These factors can cause the MR curve to shift and rotate. [16]

  6. Marginal cost - Wikipedia

    en.wikipedia.org/wiki/Marginal_cost

    In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. [1] In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount.

  7. Slutsky equation - Wikipedia

    en.wikipedia.org/wiki/Slutsky_equation

    In microeconomics, the Slutsky equation (or Slutsky identity), named after Eugen Slutsky, relates changes in Marshallian (uncompensated) demand to changes in Hicksian (compensated) demand, which is known as such since it compensates to maintain a fixed level of utility.

  8. Substitute good - Wikipedia

    en.wikipedia.org/wiki/Substitute_good

    [3] Substitute goods are commodity which the consumer demanded to be used in place of another good. Economic theory describes two goods as being close substitutes if three conditions hold: [3] products have the same or similar performance characteristics; products have the same or similar occasion for use and; products are sold in the same ...

  9. Margin (economics) - Wikipedia

    en.wikipedia.org/wiki/Margin_(economics)

    Within economics, margin is a concept used to describe the current level of consumption or production of a good or service. [1] Margin also encompasses various concepts within economics, denoted as marginal concepts, which are used to explain the specific change in the quantity of goods and services produced and consumed.