Chapter 13: The Costs of Production
What items are included in a firms costs of production
The meaning of:
average total cost
The shape of a typical firms cost curves
The link between a firms
Chapter 16: Monopolistic Competition
We have learned two extreme markets:
a competitive market (Chapter 14): many sellers and many buyers, identical
goods, no entry-exit barriers
a monopoly (Chapter 15): a single seller, entry barriers
Chapter 11: Public Goods and Common Resources
why private markets fail to provide public goods.
some of the important public goods in our economy.
why the costbenefit analysis of public goods is both necessary and difficult.
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Chapter 15: Monopoly
Why Monopolies Arise ?
How Monopoly firms behave
- A monopoly firm is a price maker while a competitive firm is a price
- Then, how does a monopoly determine the quantity to produce and the
a. The extra traffic is a negative externality because it imposes a cost on other drivers.
b. Figure 2 shows the market for theater tickets. The value of the external cost is the vertical
distance between the private cost and the social cost curv
Chapter 17: Oligopoly
Definition of oligopoly: a market structure in which only a few sellers offer
similar or identical products.
what outcomes are possible when a market is an oligopoly.
why is it difficult for oligopolist
Chapter 18: The Markets for the Factors of Production
The Markets for the Factors of Production
factors of production: the inputs used to produce goods and services (labor,
land, and capital)
- The markets for the factors of production are s
Chapter 10: Externalities
(Principle #7) Governments can sometimes improve market outcomes.
definition of externality: the uncompensated impact of one persons actions on
the well-being of a bystander.
If the impact on the bystander is adver
(1 point possible)
The amount of money that Ubers drivers make during a period of time
greatly depends on the location and the time of day that they work.
Suppose that the state of Massachusetts considers passing a bill that
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Article Title: The trouble with GDP
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Chapter 14: Firms in Competitive Markets
Characteristics of a competitive market
* Monopoly, Duopoly, Oligopoly, Monosony
Supply curve: closely related to firms cost curve
Which cost curve (fixed cost? variable cost? marginal