EC 102: Principles of Microeconomics

Topic Sheet Test # 3

1. The four types of market structures.

2. Characteristics of monopoly.

3. Demand and MR for a monopoly.

4. Profit maximization and Q* for a monopoly.

5. SR profits of a monopoly.

6. LR profits of a monopoly.

7. Single price versus price discriminating monopoly.

8. Natural monopoly.

9. Characteristics of monopolistic competition (MC).

10. SR profits of the MC firm.

11. LR profits of the MC firm.

12. Trade-off between variety and lowest price in MC.

13. Characteristics of Oligopoly.

14. Cartels.

15. Sources of barriers to entry with Oligopoly.

16. LR profits of Oligopoly.

17. Advantages and Disadvantages of Oligopoly.

18. Economic efficiency: productive and allocative.

19. Public policy and economic efficiency.

20. Comparing monopoly and PC in terms of economic efficiency. (diagram)

21. Government policies dealing with monopoly and oligopoly: regulation and anti-trust.

22. Forms of business organization.

23. How corporations operate.

24. How corporations raise financial capital: equity versus debt.

25. The rise of the modern corporation.

26. Transnational corporations (TNCs).

27. Competitive labor markets.

28. Wage differentials in competitive labor markets.

29. Non-competitive labor markets: unions, monopsony, discrimination.

30. Unions in a competitive labor market.

31. Unions in a monopsony labor market.

32. Definition of labor market discrimination.

33. Economic model of discrimination.

34. Types of discrimination.

35. New Filed Guide: 9.9, 9.12, 2.1, 2.5, 2.8.

36. Dollars and Sense: Article #25 "It's Not Working"