Macro Learning Objectives for questions over Exam 1 Form A

 

FALL/SPRING/SUMMER

PCM

 ECON 2302 MICROECONOMICS   

Chapter 9

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. Name four market types and describe the characteristics of pure competition, monopoly, oligopoly, and monopolistic competition. Pages 139-140.
  2. (# 1 above is repeated here.)
  3. Illustrate and explain how the market demand and market supply determine the competitive firm's demand curve. Pages 139-140.
  4. Identify the firm's short run supply curve. Pages 139-140.
  5. (# 4 above is repeated here.)
  6. Explain Entry and Exit in Purely Competitive industries in the Long Run. Pages 141-142.
  7. Discuss the economic efficiency of Purely Competitive industries in the Long Run. Pages 142-143.
  8. List and explain the Long Run characteristics of Purely Competitive (i) constant-cost, (ii) increasing-cost , (iii) decreasing-cost industries. Pages 143-144.
  9. Explain the shape of Purely Competitive industries' Supply Curve in the the Long Run and also social surplus. Pages 144-145.
  10. Explain the connection between discrimination (or the lack of it) and Pure Competition. Pages 146-147.