March 14

Post date: Mar 14, 2013 10:56:42 PM

Started review

Assigned all MC in workbook for unit plus short frq 4,6,8 and long 1,2.6

THings to know for test:

All curves from chapter 12, espeically the average fixed, variable and cost curves.

Economies of scale

diseconomies of scale

The four market structures.

Competitive market graph for firm and industry

MC=MR rule

Short run versus long run

Allocative efficiency

Productive efficieny

Charecteristics of each market structure

Monopoly graph and production decision

barriers to entry

natural monopoly versus other monopoly

Oligopoly

Game theory

Nash equilibirum/dominant strategy

Prisoners dilimma

Cartel theory

Tacit Collusion

Tit for Tat

Monopolistic competition graph and long run equilibirum