Monopoly Quiz (with answers) Practice FRQs Unit 3 and 4 Powerpoints

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Presentation transcript:

Monopoly Quiz (with answers) Practice FRQs Unit 3 and 4 Powerpoints Online Resources Monopoly Quiz (with answers) Practice FRQs Unit 3 and 4 Powerpoints

Graphing Circles Review

1. TP, MP, and Three Stages of returns (graph) 2. Long-Run ATC Curve (graph) 3. Definition/examples of Economies/diseconomies of Scale 4. Characteristics of Perfect Competition 5. AFC, AVC, ATC, and MC: equations and graph 6. If fixed or variable costs change, which cost curves shift? 7. Short Run Supply, and Shut down Rule 8. Perfect competition short run profits (graph) 9. Perfect competition short run losses (graph) 10. Process by which profits disappear in long run for perfectly competitive firm (graph) 11. Process by which losses disappear in long run for perfectly competitive firm (graph)

12. Productive and allocative efficiency: definitions and relationship to all market structures 13. Characteristics of Monopolies 14. Four types of monopolies and examples 15. Types of barriers to entry 16. Why MR is less than demand (price) for all imperfect competition 17. Why MR is less than demand (price) for all imperfect competition 18. Monopoly making a profit and making a loss (graph) 19. Demand, marginal revenue, and total revenue for all imperfect competition (graph) 20. Total Revenue test, elastic, and inelastic range of monopolies demand curve (graph) 21. Consumers surplus, producers surplus, and dead weight loss for monopoly (graph)

22. Regulating monopolies: purpose, socially optimal, and fair return (graph) 23. Price discrimination: conditions, effect on quantity and profit (graph) 24. Characteristics of Monopolistic Competition 25. Definition of Product Differentiation and Non-price competition 26. Mono. Comp. with short run profits (graph) 27. Monopolistic competition long run equilibrium (graph) 28. Excess capacity. Definition and location on graph. 29. Characteristics of Oligopoly 30. Game Theory Matrix, collusion, incentives to cheat 31. Price leadership- definition and examples 32. Cartels- definition, examples, explanation of graph 33. Why demand changes when Mono Comp. goes to long run 34. Consumers surplus, producers surplus, and dead weight loss for monopoly (graph)