Micro Learning Objectives for questions over Exam 1

 

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.

 

  After reading this chapter, you should be able to:

  1. List and explain the characteristics of oligopoly.
  2. Explain why oligopolies exist.
  3. Discuss Measurements of Industry Concentration.
  4. Eplain what Game Theory is and define all the basic concepts and terms used in Game Theory.
  5. Describe the Prisoners' Dilemma with the use of Game Theory and a Game Theory payoff matrix.
  6. Apply game theory to pricing strategies of oligopolistic firms using payoff matricies.
  7. Apply Game Theory analysis to the strategic behavior of firms (and countries) participating in cartels.
  8. Illustrate how Network Effects and Market Feedback can explain why some industries are oligopolies.
  9. 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.
  10. Identify and expain the major characteristics of the four types of market structure discussed by economists.