Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 24

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 3 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. Discuss the characteristics of perfectly competitive market structure
  2. Understand the Demand curve for a perfectly competitive firm vs. the Demand curve for a perfectly competitive industry.
  3. Understand the formula for calculating Profits, MR, MC, P and the rule for profit maximization for a perfectly competitive firm.
  4. Understand the Pricing and Output decisions for perfectly competitive firms based on the desire to maximize profits.
  5. Calculate short-run profits/losses given price and cost information or by using a graph.
  6. Identify the short-run break-even and shut-down points for a firm on a graph or with the use of price and cost information.
  7. Describe the supply curve for a perfectly competitive firm and to identify it using a graph of such a firm's cost curves.
  8. Discuss price and profit signals determine entry and exit dynamics in competitive industries.
  9. Distinguish between industries that experience long-run decreasing costs, long-run constant costs, and long-run increasing costs.
  10. Discuss Economic Efficiency in the context of equilibrium in competitive markets.