ECON 104 Midterm: ECON104 Exam 3 2016 Fall Review Questions
Document Summary
This review packet will be collected on 05/05/2016 at 2pm (the beginning of your final exam). The review packet accounts for ten percent of your final exam grade. *the final will be 65 multiple choice and true/false questions. *recall that some information from the chapters overlap, and a strong understanding of previous chapters is pertinent to earning a satisfactory grade on the final. Put the four market structures we have covered (perfect competition, monopolistic competition, oligopolies, and monopolies) in order from most competitive to least competitive. When we are analyzing profits and costs in economics we are concerned with economic costs/profits or accounting costs/profits. List the three characteristics of a perfectly competitive market. This makes firms in perfect competition price (makers/takers). Since this ( ) is the case, no firm in the market has the ability to ________________ the price. If firms and individuals want to participate in a perfectly competitive market they must be willing to accept _______________________________________________________________________________
