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 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 is meant by a monopolistically competitive market structure and explain its characteristics relative to competitive and monopolistic market structures.
  2. Define the role that product differentiation plays in monopolistically competitive markets.
  3. Further discuss the characteristics of monopolistically competitive firms and implications these characteristics have on the demand and marginal revenue curves faced by such firms.
  4. Compare the equilibrium conditions (and their implied results) between monopolistically competitive and perfectly competitive firms.
  5. Discuss the short-run, profit maximizing, equilibrium position of monopolistically competitive firms using graphs or price, revenue, and cost data.
  6. Differentiate the short-run AND LONG RUN equilibrium situations of monopolistically competitive firms from perfectly competitive firms. (This is very similar to #35 above.)
  7. Repeat Learning Objectives 35 and 36.
  8. Explain the various ways monopolistically competitive firms try to differentiate their product or service from their competitors.
  9. Discuss various marketing strategies of monopolistically competitive firms and the types of goods and services that can be most effectively differentiated. (This Learning Objective is very similar to #38.)
  10. Discuss "information product" industries as examples of monopolistically competitive industries.