Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 25

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. Define what it means for a firm to have a monopoly and identify situations that could give rise to a monopoly.
  2. Identify what a natural monopoly is and list all the ways that government action leads to monopoly.
  3. Explain the difference between the demand curve faced by a perfectly competitive firm and a monopoly and difference this makes to their respective marginal revenue curves.
  4. Discuss demand elasticity in relationship to monopoly.
  5. Define the profit maximizing rule for a monopolist, explain how it differs from a perfectly competitive firm, and identify the price and output levels of a monopolistic firm on a graph.
  6. Same as #35 and, in addition, be able to calculate a monopolists profits from a graph or from price and cost data.
  7. Define what is meant by price discrimination, explain why firms like to practice price discrimination, and explain the characteristics of markets where price discrimination takes place.
  8. Explain the efficiency characteristics of Monopolistic markets compared to Competitive markets.
  9. Explain further the inefficiencies of Monopolistic markets and the misallocation of resource that result from them.
  10. Define what is meant by Consumer Surplus and identify it on a graph.(Appendix)