Microeconomics
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Basic Economic Concepts
- Microeconomics vs. Macroeconomics
- Production–possibility frontier
- Comparative advantage, absolute advantage, specialization, and trade
- Economic systems
- Property rights and the role of incentives
- Marginal analysis
- Market equilibrium
- Determinants of supply and demand
- Price and quantity controls
- Elasticity
- Price, income, and cross-price elasticities of demand
- Price elasticity of supply
- Consumer surplus, producer surplus, and allocative efficiency
- Tax incidence and deadweight loss
- Total utility and marginal utility
- Utility maximization: equalizing marginal utility per dollar
- Individual and market demand curves
- Income and substitution effects
- Production functions: short and long run
- Marginal product and diminishing returns
- Short-run costs
- Long-run costs and economies of scale
- Cost minimizing input combination and productive efficiency
- Accounting versus economic profits
- Normal profit
- Profit maximization: MR=MC rule
- Profit maximization
- Short-run supply and shutdown decision
- Behavior of firms and markets in the short run and in the long run
- Efficiency and perfect competition
- Sources of market power
- Profit maximization
- Inefficiency of monopoly
- Price discrimination
- Natural monopoly
- Interdependence, collusion, and cartels
- Game theory and strategic behavior
- Dominant strategy
- Nash equilibrium
- Product differentiation and role of advertising
- Profit maximization
- Short-run and long-run equilibrium
- Excess capacity and inefficiency
- Derived factor demand
- Marginal revenue product
- Hiring decisions in the markets for labor and capital
- Market distribution of income
- Marginal social benefit and marginal social cost
- Positive externalities
- Negative externalities
- Remedies
- Public versus private goods
- Provision of public goods
- Antitrust policy
- Regulation of public policy
- Equity
- Sources and measures of income inequality
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- How does productivity affect wages?
- Which type of business is owned by anyone who wants to buy stock?
- A corporation gives out its profits as dividends paid to whom?
- When are firms likely to be price takers?
- What is the difference between a progressive tax and a regressive tax?
- A monopolist can sell 10 units at $12 per unit and 9 units at $13 per unit. What is the marginal revenue from the 10th unit?
- How does supply differ from demand?
- How does an effective leader empower an employee?