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Economics 204 Test 2 Review

 

Chapter 5

 

Perfect Competition characteristics

Profits invite entry

Long run: Breakeven

Monopoly characteristics

Barriers to entry

Potential to always make a profit

Price discrimination

Monopolistic Competition characteristics

Advertising

Demand saturation

Turnover rate

Oligopoly characteristics

Models (4)

Antitrust laws (3)

Technological advance

 

Chapter 6

 

Marginal Revenue Product

Determinants

Hiring rules

Labor

Wages

Wage differentials

Types of unions

Methods

Strategies

Strengths

Quasi rents

Psychic income