FINAL EXAM STUDY QUESTIONS
Are economies of scale a barrier to entry?
Allowing a pure monopolist to charge some customers more than others is
not appropriate because it is unfair to those who have to pay the highest
price. Evaluate this statement. A
THINGS TO KNOW FOR THE FINAL EXAM
Explain why a purely competitive firm is a "price taker" and the way in which it
sees the demand for its product and the marginal revenue from the sale of an
additional unit of its product.
THINGS TO KNOW FOR THE MIDTERM EXAM
Production Possibilities Curve
What is economics? (scarcity, unlimited wants/desires)
What is microeconomics/macroeconomics?
Factors of Production
How does the PPC explains opportunity cost, scarcity,