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