1. Describe what is needed for a perfectly competitive market.
2. Describe what a price taker is
3. Why is demand curve horizontal for perfectly competitive firm
4. Compute economic profit for the graph in the previous problem
5. When will a firm shut down operations in the short run
6. How is a market supply curve derived
7. Describe a monopoly and what are the barriers to entry they can enjoy
8. How is MR calculated for a monopolist
9. What is a rent seeking monopolist
10. Is a patent good or bad for society, explain with numbers.
11. What is price discrimination and what is needed for a company to do it
12. Describe a monopolistic competitive market structure.
13. Describe 3 characteristics of monopolistic competition.
14. Graph the long run equilibrium for a company in this market structure.
15. Describe the costs and benefits of a monopolistic competitive market structure.
16. Why would an entrepreneur be willing to pay for a Dunkin Donuts franchise?
17. What signal is sent to customers when companies hire celebrities to endorse their products?
18. Describe why happy hour prices at the bar are lower even though demand for drinks is higher?
19. Describe an oligopolistic market structure.
20. What are 3 characteristics of an oligopolistic market structure?