Learning Module 1 of Economics 6–9% of the exam
The Firm and Market Structures
4 lessons. About 0 minutes in cram mode, 0 minutes in full.
Lessons for this module are being written. The outcomes and lesson plan below are final.
Lessons
- 1 Profit Maximization: Production Breakeven, Shutdown and Economies of Scale
Coming soon
- 2 Monopolistic Competition
Coming soon
- 3 Oligopoly
Coming soon
- 4 Determining Market Structure
Coming soon
What the exam expects you to do
- Determine and interpret breakeven and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition.
- Describe characteristics of perfect competition, monopolistic competition, oligopoly, and pure monopoly.
- Explain supply and demand relationships under monopolistic competition, including the optimal price and output for firms as well as pricing strategy.
- Explain supply and demand relationships under oligopoly, including the optimal price and output for firms as well as pricing strategy.
- Identify the type of market structure within which a firm operates and describe the use and limitations of concentration measures.