FALL/SPRING/SUMMER
PCM
ECON 2302 MICROECONOMICS
Chapter 11
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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Explain how Market Power is measured. Page 168.
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Explain the rationale for Mergers and Spinoffs in Oligopolistic
industries. Pages 169-170.
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Explain how various Oligopolistic Models can be used to explain the
behavior of OPEC. Pages 170-173.
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Show how Oligopoly can be analyzed using Game Theory. Pages 173-176.
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Show how Oligopoly can be analyzed using the Kinked-Demand Curve model.
Pages 176-177.
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Give a definition of Monopolistic Competition, list its characteristics, and discuss
entry and exit decisions by firms in such an industry. Pages 177-179
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Explain price and output decisions by Monopolistically Competitive firms.
Pages 177-178.
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Discuss Advertising and Product Differentiation. Page 180.
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Discuss Price Discrimination under conditions of Oligopoly and Monopolistic
Competition. Page 181.
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Discuss the economics of the retail industry and
explain the connection between Oligopolies and Economic Change. Pages 181-183.
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