Macro Learning Objectives for questions over Exam 1 Form A

 

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.

 

  After reading this chapter, you should be able to:

  1. List and explain the various barriers to entry and how they create market power for firms. Pages 150-151.
  2. Discuss what a Natural Monopoly is and what conditions lead to Natural Monopolies. Pages 151-152.
  3. Explain the profit maximizing process (and rule) for a Monopoly. Pages 152-155.
  4. Describe with the use of graphs profit, breakeven, and loss situations under Monopoly. Pages 155-158.
  5. Discuss economic efficiency (or the lack thereof) under conditions of Monopoly. Pages 158-159.
  6. Explain what Price Discrimination is and why some firms are able to engage in Price Discrimination. Pages 159-160.
  7. Name and briefly discuss major U.S. antitrust laws and potentially punishable practices. Pages 160-162.
  8. Explain Rate of Return Regulations of Monopolies. Pages 162-163.
  9. Discuss alternatives to direct regulation of monopolies. Pages 163-164.
  10. Assess the merits of protecting the U.S. Postal Service from competition. Pages 165-166.