By Anonymous -
Possible Janus Questions for Econ test. You will be given five questions and you will write on four of them. 

How do you determine whether a firm is making a profit or a loss in a perfectly competitive market? What kinds of profits are available to such a firm in the short-run, in the long run? Why?

What is the key difference between a monopolist and a perfect competitor? How do you determine price and output for a monopolist?

Why does a monopolist create welfare loss? How can a monopolist avoid doing so? Explain.

Explain monopolistic competition. What are the competitive aspects of it? The monopolistic aspects?

What is the prisoners’ dilemma? How does it undercut Adam Smith?

What is the law of unintended consequences? Cite several examples.

Why is an oligopoly different from monopolistic competition?  Explain the difference between the cartel and  the contestable market models of monopoly.

 Explain the history of antitrust policy in the United States.

Comments

Post a Comment

Popular posts from this blog

By Anonymous -
STOCK SELECTION PAPER COMMENT: your topic overview for your stock selection paper is due Monday, Nov. 3. Please write a paragraph about the industry you have chosen or, preferably, the stock in that industry you think is undervalued and therefore you would like to invest in. Once the paragraph is written please post it to this post by clicking on comment, writing the comment, and then publishing it. Make sure you are in your google account before you attempt to do any of this or you will lose your comment. Also, please just use your first name or initials plus your class period to protect your privacy.
Read more

WEEK'S SCHEDULE(22), FEB. 25, 2013

By Anonymous -
EYE-OPENER OF THE WEEK: When you can recognize that someone is talking rot, you are an educated man. Lord Action KEY DATES: 1. On Monday, Feb. 25, we will debrief round 2. 2. On Thursday, Feb. 28, Glenn Weinstein will speak to us about the municipal bond market. 3. On Monday, March 4, we will have a quiz on the Wheelan chapter on special interests, Glenn Weinstein's talk and chapter 10 in Colander on The Aggregate Demand/Aggregate Supply Model. 4. On Wednesday, March 6, Steve Kaplan will talk to us about income inequality and CEO pay. The long period. The extra half hour in the long period will be devoted to group work for round 3 of the Capsim simulation. CLASS ONE: we will debrief round 2 and discuss chapter 7 in Wheelan on special interests. Period 3 will also work as groups on round 3 of the Capsim assignment. HOMEWORK: please read chapter 10 on The Aggregate Demand and Aggregate Supply Model up to The Short-Run Aggregate Supply Curve. CLASS TWO: We will discuss the first half
Read more

Week's Schedule(5), Oct . 8, 2012

By Anonymous -
WEEK'S EYE-OPENER: The test and the use of man's education is that he finds pleasure ion the exercise of his mind. Jacques Barzun KEY DATES: 1. On Monday at 8:00 am your Capsim assignment on PRICING is due. 2. During the second class period of the week, you will have a QUIZ on chapters 5 and 7 on Colander. 3. On Monday, Oct. 15, at 8:00 am, your Capsim assignment on sales and promotion is due and there is a QUIZ on chapter 8 and what we have read of the Peter Lynch reading. 4. On Wednesday, Nov. 21, John Rogers and Charles Bobtrinskoy will address both sections at 9:40 on the philosophy of value investing. CLASS ONE: We will discuss chapter 78, Describing Supply and Demand: Elasticities. We will also discuss the article on pricing. HOMEWORK: prepare for the quiz on chapters 5 and 7. CLASS TWO: QUIZ on chapters 5 and 7. HOMEWORK: read in the Peter Lynch handout, the interview and Is this a good market, please don't ask. CLASS THREE: we will discuss the reading and have a mi
Read more