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