PCM
ECON 2302 MICROECONOMICS
Chapter 26
Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. Each number in the following list refers to the question number on Exam
4 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by working through MyEconLab assignments connected to any of these objectives.
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After reading this chapter, you should be able to:
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List and explain the characteristics of oligopoly.
- Explain why oligopolies exist.
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Discuss Measurements of Industry Concentration.
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Eplain what Game Theory is and define all the basic concepts and terms
used in Game Theory.
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Describe the Prisoners' Dilemma with the use of Game Theory and a Game
Theory payoff matrix.
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Apply game theory to pricing strategies of oligopolistic firms using
payoff matricies.
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Apply Game Theory analysis to the strategic behavior of firms (and countries)
participating in cartels.
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Illustrate how Network Effects and Market Feedback can explain why some
industries are oligopolies.
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Explain why multiproduct firms selling complementary sets of products
may or may not want their product to be compatable with the products
of their competitors.
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Identify and expain the major characteristics of the four types of
market structure discussed by economists.
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