econ222 Study Guide Exam 2

econ222 Study Guide Exam 2 - REVIEW FOR EXAM 2 Remember to...

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REVIEW FOR EXAM # 2 Remember to bring a #2 pencil, eraser, non-programmable/ non- graphical calculator and a picture ID I have tried to include all the important material that you will be tested on in this review sheet. The exam can consist of any material covered in class, regardless of whether it appears on this sheet so read, think back and understand the material covered during our lectures. Also, don’t forget to work on all of the old exams that I have online and your old quizzes. Get in touch with me if you have any questions. Good luck! Chapter 4 1. What is a market? The four types of markets. Characteristics of these markets, especially competitive/ perfectly competitive markets. Examples of goods sold in these markets. Profits per unit – what happens as price changes, cetirus paribus? Costs? 2. Price takers vs. price makers in which markets? 3. Normal goods, inferior goods, substitute goods, complementary goods. 4. Individual demand/supply vs. market demand/supply 5.Change in quantity demanded/supplied (movement along the demand/supply curve) vs. change in demand/supply (shifts of the demand/supply curve) – what causes these? 6. Equilibrium.
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econ222 Study Guide Exam 2 - REVIEW FOR EXAM 2 Remember to...

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