FALL/SPRING/SUMMER
PCM
ECON 2302 MICROECONOMICS
Chapter 10
Below you will find the learning objective, concept, idea, term,
or theory that each question on the exam will cover. The numbers in the list
refer to the question number on Exam 3 that will test your knowledge of that
specific learning objective. You will also find a reference to the page
numbers in the textbook, Microeconomics, Explore & Apply: Activebook
Version 2.0 where the substance of each
question is explained. A much better understanding can often be attained by
working through the "active graphs" and "smart graphs"
connected to many of these objectives in the online material.
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After reading this chapter, you should be able to:
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List and explain the various barriers to entry and how they create market
power for firms. Pages 150-151.
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Discuss what a Natural Monopoly is and what conditions lead to Natural Monopolies.
Pages 151-152.
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Explain the profit maximizing process (and rule) for a Monopoly. Pages 152-155.
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Describe with the use of graphs profit, breakeven, and loss situations under Monopoly.
Pages 155-158.
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Discuss economic efficiency (or the lack thereof) under conditions of Monopoly.
Pages 158-159.
- Explain what
Price Discrimination is and why some firms are able to engage in Price Discrimination.
Pages 159-160.
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Name and briefly discuss major U.S. antitrust laws and potentially punishable practices.
Pages 160-162.
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Explain Rate of Return Regulations of Monopolies. Pages 162-163.
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Discuss alternatives to direct regulation of monopolies. Pages 163-164.
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Assess the merits of protecting the U.S. Postal Service from competition. Pages 165-166.
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