Review Topics For Second Exam Fall 2010

Review Topics For Second Exam Fall 2010 - Barriers to...

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Review Topics For Second Exam Fall 2010 Chapter 6 Market structure – different types of firms in the market Perfect competition Monopolistic competition Duopoly Oligopoly Monopoly Market power Price taker Firm demand versus market demand for perfectly competitive firm Production decision Total revenue Profit Marginal cost How do perfectly competitive firms choose which production level maximizes profit? How does a firm determine its supply curve? What affects the firm’s and the market’s supply curve? What happens when an industry has economic profits? What are the characteristics of a competitive market? General profit maximizing rule
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Chapter 7 Marginal revenue How do monopolies choose which production level maximizes profit?
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Unformatted text preview: Barriers to entering a market Differences between perfectly competitive markets and monopolies Economies of scale Natural monopoly Chapter 8 Demand for labor Supply of labor Why is supply curve for labor upward sloping? Why is demand curve for labor downward sloping? Derived demand Marginal Physical Product (MPP) Marginal Revenue Product (MRP) The law of diminishing returns How does a firm determine how much labor to hire? How does an increase in productivity affect the demand and supply of labor? How does an increase in product prices affect the demand and supply of labor? How do minimum wages and unions affect the demand and supply of labor?...
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This note was uploaded on 02/13/2012 for the course ECON 224 taught by Professor Ozturk during the Spring '09 term at South Carolina.

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Review Topics For Second Exam Fall 2010 - Barriers to...

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