2009Exam3Review - Exam III Review Fall 2009 Exam III: Nov....

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Exam III Review Fall 2009 Exam III: Nov. 24 th (except for those who notified me for Nov. 20 th ) Alternative Market Structures (Chapter 7, Schrimper, 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 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?
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This note was uploaded on 02/07/2011 for the course AEC 305 taught by Professor Staff during the Fall '08 term at Kentucky.

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