• Chapter 14: MonopolyChapter 14: Monopoly

    What will you learn in this chapter? • Why monopolies exist and how they cause barriers to entry. • Why monopolists are constrained by demand. • How monopolists set price and quantity. • What social welfare losses are associated with monopolies. • What the common public policy responses to monopolies are. • Why firms have incentives to price ...

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  • Chapter 13: Perfect CompetitionChapter 13: Perfect Competition

    What will you learn in this chapter? • What the characteristics of a perfectly competitive market are. • How to calculate average, marginal, and total revenue. • How to find a firm’s optimal quantity of output. • How to differentiate between a firm’s shut down and market exit decisions. • How to analyze a firm’s short-run supply curve for a co...

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  • Chapter 12: The Costs of ProductionChapter 12: The Costs of Production

    What will you learn in this chapter? • How to define total revenue, total cost, and profit. • How to differentiate between: – Fixed and variable costs. – Explicit and implicit costs. • How to calculate economic and accounting profit. • How to define marginal product and show diminishing marginal product. • How to define average and marginal ...

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  • Chapter 11: Time and UncertaintyChapter 11: Time and Uncertainty

    What will you learn in this chapter? • Why money is worth more now than in the future. • How compounding works over time. • How to calculate the present value of a future sum. • What the costs and benefits are of a choice using expected value. • How risk aversion makes a market for insurance possible. • What the importance is of pooling and d...

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  • Chapter 10: InformationChapter 10: Information

    What will you learn in this chapter? • What information asymmetries are, and why they matter for economic decision making. – Adverse selection. – Moral hazard. • How to differentiate between screening and signaling and describe some applications of each. • How reputations can help to solve information problems. • How statistical discriminatio...

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  • Chapter 9: Game Theory and Strategic ThinkingChapter 9: Game Theory and Strategic Thinking

    What will you learn in this chapter? • What strategic behavior is and what the components of a strategic game are. • Why noncooperation is a dominant strategy in the prisoners’ dilemma. • How repeated play can enable cooperation. • How backward induction can be used to make decisions. • How first‐movers have an advantage. • How patient player...

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  • Chapter 8: Behavioral Economics: A Closer Look at Decision MakingChapter 8: Behavioral Economics: A Closer Look at Decision Making

    What will you learn in this chapter? • What time inconsistency is and how it accounts for procrastination and other problems with selfcontrol. • Why sunk costs should not be taken into account in deciding what to do next. • What types of opportunity cost people often undervalue and why undervaluing them distorts decision making. • What fungibil...

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  • Chapter 7: Consumer BehaviorChapter 7: Consumer Behavior

    What will you learn in this chapter? • How revealed preferences relate to utility. • How budget constraints affect utility maximization. • How income affects consumption choices. • How prices affect consumption choices and how to distinguish between income and substitution effects. • How utility is influenced by outside perceptions, and how pe...

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  • Chapter 6: Government InterventionChapter 6: Government Intervention

    What will you learn in this chapter? • The effect of a price ceiling or a price floor on the equilibrium price and quantity. • The effect of a tax or a subsidy on the equilibrium price and quantity. • How elasticity and time period influence the impact of a market intervention.

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  • Chapter 5: EfficiencyChapter 5: Efficiency

    What will you learn in this chapter? • Use willingness to pay and sell to determine supply and demand at a given price. • Define and calculate surpluses. • Define and identify efficiency. • Describe the distribution of benefits that results from a policy decision. • Define and calculate deadweight loss. • Explain why correcting a missing mark...

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