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Microeconomics Final Exam Study Guide: Core Concepts, Models, and Applications (Chapters 1–15)

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Scarcity and Choice

Interpreting Graphs, Correlation, Causation, and Omitted Variables

Marginal Analysis

The Demand Curve

Shifts in the Demand Curve

The Supply Curve

Shifts in the Supply Curve

Market Equilibrium

Percentage Change and Price Elasticity of Demand

Cross-Price Elasticity of Demand

Income Elasticity of Demand

Budget Constraint

Indifference Curves

Marginal Cost

Revenue, Cost, and Profit

Characteristics of Perfect Competition

Perfect Competition Profit on the Graph

Long Run Entry and Exit Decision

Long Run Equilibrium

Characteristics of Monopoly

Monopoly Profit on the Graph

Characteristics of Monopolistic Competition

Monopolistic Competition Profit on the Graph

Characteristics of Oligopoly

One-Time Games and the Prisoner's Dilemma

Externalities: Social Benefits and Social Costs

Public Goods: Demand Curve and Optimal Quantity

Supply of Labor in Perfect Competition