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ECN 221 Microeconomics

Explore competitive, monopoly, monopolistic competition, and oligopoly markets. Learn about market power, pricing strategies, and role of externalities. Discover key legislation impacting market behavior.

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ECN 221 Microeconomics

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  1. ECN 221 Microeconomics Phase 3 Exam Chapters 14, 15, 16, 17

  2. Chapter 14: Competitive Markets • When does a firm have market power? • Competitive Market – Supply and Demand Curves • Characteristics of Competitive Markets • Marginal Cost of Qth unit = TCQ – TCQ-1 • PMAX occurs when MR = MC • Entry, Price, and ATC of production

  3. Chapter 15: Monopoly • Characteristics of Monopoly Markets • Profit maximizing Prices and Quantity • Shape of demand curve • Lack of supply curve • Locus of socially efficient price and quantity • Deadweight loss • Basis of creating a monopoly

  4. Chapter 16 Monopolistic Competition • Role of price discrimination • Sources of positive and negative externalities • Rationale for Advertising • Brand loyalty • Value • Information • Profit maximization

  5. Chapter 17: Oligopoly • Profit maximization • Role of Prisoner’s Dilemma • Bonnie and Clyde example • P.D. and Behavior of firms • Nash Equilibrium • Cartels: Problems of cooperation • Tying • Anti-trust Legislation • Sherman Act • Clayton Act

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