1. small firms
2. identical goods
3. price takers
4. free entry and exit

1. large, single firm
2. no close substitutes
3. price maker
4. barriers to entry

how is monopolistic competion similiar to perfect competition?

3 things

1. many firms
2. perfect info
3. free entry and exit

What are the elements of game theory?

5 things

1. different actors
2. set of rules
3. set of strategies
4. set of pay-offs
5. equilibrium concept

What are the number of firms for:

1. perfect competition
2. monopoly
3. monopolistic competition
4. oligopoly

1. many many
2. one
3. many
4. few

What is the frequency in reality for:

1. perfect competition
2. monopoly
3. monopolostic competition
4. oligopoly

1. very rare
2. rare
3. most common
4. few

What is the goal for:

1. perfect competition
2. monopoly
3. monopolostic competition
4. oligopoly

What is the role of profit maximization for:

1. perfect competition
2. monopoly
3. monopolostic competition
4. oligopoly

1. P=MC
2. MR=MC
3. MR=MC
4. MR=MC

Out of the following which ones are price takers?

1. perfect competition

2. monopoly

3. monopolostic competition

4. oligolopy

1. perfect competition

Which of the following have economic profits in the short run?

1. perfect competition

2. monopoly

3. monopolostic competition

4. oligolopy

Which of the following have economic profits in the long run?

1. perfect competition

2. monopoly

3. monopolostic competition

4. oligolopy

Monopolies

sometimes oligolopies depending on the situation

Should the firms do marketing and advertising?

1. perfect competition

2. monopoly

3. monopolostic competition

4. oligolopy

1. perfect competition---->no

2. monopoly---->yes

3. monopolostic competition---->yes

4. oligolopy---->yes

Are the firms efficent?

1. perfect competition

2. monopoly

3. monopolostic competition

4. oligolopy

1. perfect competition---->yes

2. monopoly---->no

3. monopolostic competition---->no

4. oligolopy---->it depends usually no

1. neoclassical

2. criticism

In the k market,

• we need to know ___ to know ___
• S + D depend on ___
• S + D also set ____

• we need to know k to know profits
• depend on interest rates
• set interest rates

happens outside selfish decisions

2 types--positive and negative

Positive externalities

example and describe the benefits

example---public education

benefits effect not only personal but also others---> more production, better citizen

see graph

Negative Externalities

example

1.  go up
2. increase
3. increase

Male characteristics of feminist economics

(5 things)

• interdependent
• mind
• reason
• objectivity
• hard

Female characteristics of feminist economics

(5 things)

1. relations
2. nature
3. emotions
4. subjectivity
5. soft

1. produced
2. consumed

NCL

--harmony in the market

--individuals choice

Marxian

--conflict in market

--exploitation

1. EL
2. LL

embodied labor

example-- machinery, tools, etc

living labor

example--working, current

labor produces:

• use
• exchange

Define the following:

1. Wm

2. C

3. V

4. S

1. money value
2. constant capital (EL)
3. variable capital (LLp)
4. surplus (LLu)