Exam III Review Fall 2008 Exam III: November 21or 24 Alternative Market Structures (Chapter 7, Schrimper, Chapter 2, Rhodes, Class Notes, and Class Handouts) ± Be sure to understand and identify the differences in the classification criteria for various market structures (e.g., number of buyers/sellers, product differentiation, ease of entry/exit, market information, and whether they are a price taker or a price maker) ± How do the supply and demand curves facing individual firms vary in the perfect competition models vs imperfect competition models? ± Be able to discuss and/or show graphically how price and quantity are determined in each market structure model. Recall that economists utilize a variety of models to attempt to describe pricing behavior in an oligopoly market structure. ± What is the difference between an oligopolist and an oligopsonist? What about a monopolist vs. a monopsonist? Structure-Conduct-Performance – Class Notes and Various Handouts
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