Chapter 20 – Elasticity: A Measure of Responsiveness
#1 – Compare the differences between elastic demand, inelastic demand, unit elastic demand and perfectly inelastic demand.
#2 – How can we use the price elasticity of demand to predict the effect of taxes?
Chapter 21 – Market Efficiency and Government Intervention
#3 – Explain the concepts of Consumer Surplus and Producer Surplus.
#4 – How does a minimum price (floor price) affect the market?
Chapter 22 – Consumer Choice Using Utility Theory
#5 – Consumer Constraints: The Budget Line – Purchases are limited by the consumer’s income and the prices of the goods. What does the slope of a budget line show?
#6 – Explain the equimarginal principle.
Chapter 23 – Production Technology and Cost
#7 – Define economic profit, economic cost, explicit cost, implicit cost, accounting cost and accounting profit.
#8 – How do indivisible inputs affect production costs?
Chapter 24 – Perfect Competition
#9 – List and explain the five features/characteristics of a perfectly competitive market.
#10 – Explain the break-even price and the shut-down rule.
Chapter 25 – Monopoly and Price Discrimination
#11 – Explain why a monopoly is socially inefficient.
#12 – Describe and explain a monopolist’s output decision.
Chapter 26 – Market Entry and Monopolistic Competition
#13 – Explain the role of advertising in monopolistic competition.
#14 – List and explain the characteristics of monopolistic competition.
Chapter 27 – Oligopoly and Strategic Behavior
#15 – Explain the effects of a low-price guarantee on the price.
#16 – Explain why a price-fixing cartel is difficult to maintain
Chapter 29 – Imperfect Information: Adverse Selection and Moral Hazard
#17 – Put in plain words the concepts of adverse-selection and moral hazard
#18 – Explain the consequences of a thin market
Chapter 30 – Public Goods and Public Choice
#19 – Logically describe the possible outcomes of the median-voter rule
Chapter 32 – The Labor Market and Distribution of Income
#20 – Give explanation of how wages are determined in competitive labor markets and explain why wages differ from one occupation to another
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