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Chapter Goals Define the monitoring problem and state its implications for economics Discuss why competition should be seen as a process, not a state Summarize how firms protect monopoly Explain why oligopoly is the best market structure for technological change

16 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 703 | Lượt tải: 0

Chapter Goals Explain the distinguishing characteristics of oligopoly Distinguish two models of oligopoly Describe two empirical methods of measuring market structure Explain what antitrust policy is and give a brief history of it

17 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 644 | Lượt tải: 0

Chapter Goals Summarize how and why the decisions facing a monopolist differ from the collective decisions of competing firms Determine a monopolist’s price, output, and profit graphically and numerically Show graphically the welfare loss from monopoly Explain why there would be no monopoly without barriers to entry Explain how monopolistic co...

17 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 734 | Lượt tải: 0

Chapter Goals Explain how perfect competition serves as a reference point Explain why producing an output at which marginal cost equals price maximizes total profit for a perfect competitor Determine the output and profit of a perfect competitor graphically and numerically Explain the adjustment process from short-run equilibrium to long-run eq...

13 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 666 | Lượt tải: 0

Chapter Goals Distinguish technical efficiency from economic efficiency Explain how economies and diseconomies of scale influence the shape of long-run cost curves Explain the role of the entrepreneur in translating cost of production to supply Discuss some of the problems of using cost analysis in the real world

16 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 647 | Lượt tải: 0

Chapter Goals Summarize some important data of trade Explain policies countries use to restrict trade Summarize the reasons for trade restrictions and why economists generally oppose trade restrictions Explain how free trade associations both help and hinder international trade

15 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 714 | Lượt tải: 0

Chapter Goals Explain the principle of comparative advantage Explain why economists’ and laypeople’s views of trade differ Summarize the sources of U.S. comparative advantage and discuss some concerns about the future in the U.S. economy Discuss how exchange rates are determined and what their role is in equalizing trade flow

14 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 680 | Lượt tải: 0

Chapter Goals Explain what an externality is and show how it affects the market outcome Describe three methods of dealing with externalities Define public good and explain the problem with determining the value of a public good to society Explain how informational and moral hazard problems can lead to market failure Explain why market failure ...

18 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 676 | Lượt tải: 0

Trade Facts U.S. trade deficit in goods $646 billion in 2010 U.S. trade surplus in services $146 billion in 2010 Canada largest U.S. trade partner Trade deficit with China $273 billion in 2010 Dependence on oil

27 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 729 | Lượt tải: 0

Interest Rates The price paid for the use of money Many different interest rates Speak as if only one interest rate Determined by the money supply and money demand

24 trang | Chia sẻ: thanhlam12 | Ngày: 12/02/2019 | Lượt xem: 705 | Lượt tải: 0