101exam3rev

101exam3rev - ECO 101 830 Principles of Microeconomics Exam...

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ECO 101 830 Principles of Microeconomics Exam 3 Study Guide Format : 20 multiple choice (60 points), 4 problems (40 points); Chapters 8-10, 11(?) Bring : pencil To prepare: come to class regularly and pay attention, keep up with the reading, follow up on any of the lecture slides that you do not understand go through this study guide carefully, understanding all the terms and being ready to answer any of the questions without referring to your notes or the book o some students make flash cards from index cards try the Testing System on Amosweb.com: http://www.amosweb.com/tst/ o topics: monopoly, monopolistic competition, oligopoly, resource markets o some of these questions are more applicable to our class than others 8. Monopoly What is a monopoly? how does a monopoly result? o natural vs. legal barriers to entry examples of barriers and monopoly firms do barriers last forever? o why is a monopoly a price maker? Monopoly behavior--single price o why is MR < P for a monopoly? o what is profit-maximizing price and quantity? choose Q where MR=MC; use the demand curve to determine price recognize profit-maximizing price and quantity on a graph what is the profit? Monopoly vs. competition
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This note was uploaded on 01/22/2012 for the course ECO 101 taught by Professor Laniga during the Fall '08 term at SUNY Oswego.

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101exam3rev - ECO 101 830 Principles of Microeconomics Exam...

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