ECON101 Lecture Notes - Lecture 41: Monopolistic Competition, Profit Maximization, Monopsony
7 Dec 2018
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Economics 101: lecture 41 final exam information. 50 multiple choice questions: over 2 minutes per question. There are 4 practice final exams on the website (eclass) Section 1: (information prior to the first midterm) Course introduction (opportunity cost, production possibility frontier etc. ) Markets (circular flow diagram) = 0 questions however this knowledge will be needed for other questions. Supply and demand with the government (price ceilings and floors) = 1 question not quotas. Section 2: (information between the first and second midterms) Financial environment of business (equity financing, legal organizations, debt financing etc. ) Production = 0 questions however this knowledge will be needed for other questions. Costs = 2 questions no questions on the long run average costs (dis-economies of scale and economies of scale) Perfect competition (characteristics, profit maximization, long run and short run) = 4 questions. Monopoly (characteristics, profit maximization, long run, short run, economic wastes, policy, price discrimination, barriers to entry) = 9 questions.
