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Microeconomics: Market Structures, Costs, and Efficiency – Exam 3 Study Guide

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Revenue, Cost, and Profit

Marginal Cost

The Production Function and Diminishing Returns

Average Total Cost: Short Run and Long Run

Characteristics of Perfect Competition

Revenue in Perfect Competition

Short Run Shutdown Decision

Perfect Competition and Efficiency

Characteristics of Monopolistic Competition

Efficiency in Monopolistic Competition

Characteristics of Oligopoly

One-Time Games and the Prisoner's Dilemma

Game Theory and Oligopoly Profit

Characteristics of Monopoly

Monopoly Efficiency and Deadweight Loss

Price Discrimination

Antitrust Laws and Government Regulation of Monopolies

Mergers and the Herfindahl-Hirschman Index (HHI)