Dictionary
The Dictionary provides concise definitions of health economics terms, arranged alphabetically for quick reference. Use it to understand unfamiliar terminology or confirm the meaning of a specific term.
D
- Deadweight Loss
- The loss of total economic welfare when a market does not operate at its efficient equilibrium, such as due to a tax or monopoly.
M
- Monopoly
- A market structure in which a single seller controls the entire supply of a good, allowing prices above what competition would produce.
- Monopoly Pricing
- The pricing behaviour of a firm with monopoly power, setting price above marginal cost to maximise profit and reduce quantity supplied.