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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