- Characteristics of Different Market Structures
(vis. 3.1)
(activity #24)
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- Profit Maximizing Rule MR=MC
(determines quantity for all markets)
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- Be able to explain Why Marginal Revenue
Curve lies below Demand Curve for Monopoly
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- MC=ATC at min ATC
Must be able to explain why?
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- Explain & Graph why Monopolist will never
operate on inelastic portion of Demand Curve
(vis. 3.10)
(activities #32-34)
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- Perfect Competition in Short Run
(vis. 3.5)
(activity #27)
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- Regulating Natural Monopolies: Why? & Where?
Fair Return Point P=ATC
Socially Optimal (Allocatively Efficient) P=MC
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- Monopolistic Competition (vis. 3.12)
Short Run Equilibrium & Long Run Equilibrium
(activity #39)
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- Perfect Competition in Long Run Equilibrium
(vis. 3.7)
(activity #29)
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- Price Discrimination (activity #36)
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- Oligopoly (Pure & Differentiated)
Non Price Competition... Why?
(Mutual Interdependence)
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- Productive Efficiency
(Be able to Define & locate on Graphs
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- Game Theory (Prisoner's Dilemma)
(handout) (activity #41)
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