ECN2802
Summer 2015
Review
for Final Exam
Dr.
Dao
Effect of Labor Productivity on Elasticity of Labor Demand
Factors Affecting Elasticity of Demand for Labor
Effect of Decrease in Labor Demand on Wages and Employment
Effect of Decrease in Labor Supply on Wages and Employment
Effect of Labor Union Wage on the Labor Market
Marginal Factor Cost Curve for a Monopsony relative to the Labor Supply
Curve
Optimal Level of Employment for a Monopsonist
Labor Employment and Wages under a Monopsony vs. a Competitive Labor
Market
Effect of Labor Union on Labor Supply and Wages
Bilateral Monopoly
Wages under Bilateral Monopoly
Efficiency Wages
Income and Substitution Effects of Wage Increase
Monopolistic Competition
Output and Profit or Loss under Monopolistic Competition
Long Run Equilibrium under Monopolistic Competition
Similarities between Perfect Competition and Monopolistic Competition
Strategic Decision Making
Cartel
Kinked Demand Curve
Contestable Market Model
North American Industry Classification System (NAICS)
Herfindahl index
Why is Marginal revenue less than Price for a Monopolist?
Output, Price, and Profit/Loss Determination for a Monopolist
Comparison between Monopoly and Perfect Competition in terms of Price
and Output
Identify graphically loss in consumer surplus due to monopoly
Identify graphically consumer surplus transferred to monopolist
Identify graphically loss in producer surplus due to monopoly
Identify graphically welfare cost of monopoly
Examples of Price Discrimination
Natural Monopoly
Result of Marginal Cost Pricing for a Natural Monopoly