final review for exam 2-fall09

final review for exam 2-fall09 - ECON 221 Sankaran Fall...

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ECON 221 Sankaran Fall 2009 REVIEW SHEET FOR EXAM # 2 on Wednesday Oct. 14     th     in our regular classroom       during the regular class period ********“Don’t forget to bring a # 2 pencil, an eraser, a non-programmable, non-graphical calculator and a photo ID (Student ID, driver’s license) 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. 4-firm concentration ratio 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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final review for exam 2-fall09 - ECON 221 Sankaran Fall...

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