1. Describe in detail 2 ways to measure market structure.
2. Describe a cartel.
3. Describe the duopolists' dilemma
4. Describe a Nash equilibrium
5. Describe how a low price guarantee can overcome the duopolists' dilemma.
6. Describe how the tit-for-tat strategy punishes firms for cheating on the cartel price.
7. Describe the Sherman Antitrust Act of 1890.
8. Describe the problem with a price leadership system and why it may not last.
9. Describe the prisoners dilemma in detail
10. Describe in detail how the insecure monopolist discourages entry from a second firm
11. How is the limit price determined for an insecure monopolist
12. Describe a contestable market and how it affects a monopolist
13. Why do duopolists advertise when it would be in their interest not to
14. Describe how advertising is financed in the milk industry
15. Describe the 5 factors of production.
16. Describe how the demand for labor is a derived demand.
17. .
18. Why is the demand for labor curve sloped downward
19. Why is the supply for labor curve sloped upward
20. Describe what shifts the labor demand curve
21. Describe what shifts the labor supply curve
22. If the price of a product decreases what happens to the wages for workers in that market (graph it)?
23. If immigration policy is tightened what happens to wages in labor intensive industries like hospitality and agriculture (graph it)?
24. Describe the relationship between wages and worker productivity
25. Describe why the supply of workers is low in certain occupations (and therefore higher wages)
26. What is the poverty level in the U.S. and what is the poverty rate in Oklahoma?
27. What is COLA and its relationship to expected annual inflation
28. Describe a natural monopoly and graph it (show and compute the profit)
29. Draw the regulated natural monopoly graph (show and compute profit)
30. Describe a merger and an acquisition
31. Describe a horizontal and vertical merger
32. Describe a conglomerate
33. What happens to market price and market output if Staples and Office Depot merge in a particular market? Graph and show before the merger and after the merger (2 graphs).
34. When do regulators require a divestiture of assets in an M&A
35. be the bid if there is another company interested in this company too.