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Unformatted text preview: Problems: 1, 2, 5, 7, 8 Chapter 14 Why does a monopoly’s MR slope downward? What is the “regulated price” of a monopoly? Why? Do monopolies have supply curves? Where do monopolies come from? Definitions: Antitrust, natural monopoly, vertical and horizontal mergers, network externalities (again) Problems: 10, 11, 12, 13 Chapter 15 What is the “law of one price”? Definitions: Price discrimination, two-part tariff, transaction costs Problems: 15 and explain how it differs from the “standard” monopoly result. Chapter 16 Professor Gunter will cover this material Monday. Definitions: Human Capital, Marginal product of labor, economic rent, monopsony, marginal revenue product, Problems: A problem on an exam would like the examples on pages 500 -501 or the solved problem on 502 – 503. Problem 22 is similar to these examples, but I like the examples better....
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- Fall '06
- Economics, marginal revenue product, Diminishing Marginal Utility, network externalities, network externalities Problems