Market Structures: Perfect Competition and Monopoly-Unit 5 ...



ConceptsPrice-taking FirmPrice-taking ConsumerPerfectly Competitive MarketPerfectly Competitive IndustryMarket ShareCommodityFree Entry and ExitMonopolyBarrier to EntryNatural MonopolyPatent CopyrightOligopolyImperfect CompetitionMonopolistic CompetitionPrice-taking firm’s optimal output ruleBreak-even priceShut-down priceShort-Run Industrial Supply CurveIndustry Supply CurveShort-Run Market EquilibriumLong-Run Market EquilibriumLong-Run Industry Supply CurveConstant-Cost IndustryIncreasing-Cost IndustryDecreasing-Cost IndustrySingle-Price MonopolistPrice DiscriminationPerfect Price DiscriminationLump Sum Subsidy vs. Per Unit Subsidy on a MonopolyLump Sum Tax vs. Per Unit Tax on a MonopolyInefficiency of Monopoly/Deadweight LossSocially Optimal/Allocative EfficientFair Return/Productive EfficientMonopoly Profit Maximizing Output and PriceGraphsShort-Run Industry Supply CurveLong-Run Industry Supply CurvePerfect CompetitionShort RunLoss MinimizingProfit MaximizingShut DownLong RunLong Run EquilibriumSide by Side Graphs of the Market and the FirmMonopolyProfit MaximizingLoss MinimizingShut DownTaxing a MonopolyDeadweightRegulated MonopolyPrice DiscriminationAfter this Unit you should be able to:Describe the four principal types of market structures-perfect competition, monopoly, oligopoly, and monopolistic competitionUse the profit-maximizing rule (MR=MC) to determine output price for firms in the different market structure.Identify the key characteristics of the different types of market structuresMake a distinction between the short run and the long run in the different types of market structuresIn words and using graphic analysis, show the short-run and long run equilibrium in perfect competitionUnderstand why monopolies existUnderstand why you never tax a monopolyIn words and using graphical analysis, show the profit scenario of a single price monopolist and a perfectly-discriminating monopolist.Identify the government polices employed when a firm exercises monopoly power or is a natural monopolyWhy monopolist use price discriminationMondayTuesdayWednesdayThursdayFriday22Module 57 Reading Quiz (33 points)Module 57 NotesUnit 5 PacketHW: Read Module 5823Module 58 Reading Quiz (33 pts.)Perfect Competition Notes24Finish Perfect Competition NotesPerfect Competition AP Free Response QuestionsH.W. Read Module 6125-Module 61 Reading Quiz (33 pts.)-Monopoly Notes26Finish Monopoly NotesMonopoly AP Free Response Questions29Turn in Unit 5 Packet (100 pts.)Partner Review (100 pts.)30Go over Partner ReviewReview Perfect Competition and Monopoly31-Unit 5 Test30 Multiple Choice Questions/ 2 Free Response Questions (500 Pts.)H.W Define Unit 6 Key Terms/Concepts (50 Points)1NO SCHOOL2NO SCHOOL ................
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