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ECON 22060 Spring 2011 - Exam 3 Study Guide - Prof. John Morrow, Study notes of Microeconomics

Kent State University (KSU) - Ashtabula Campus Microeconomics

Prof. John Morrow

A study guide for exam 3 of econ 22060, a university economics course taught by professor john morrow in spring 2011. The guide includes tables, explanations, and a figure to help students understand various economic concepts such as perfect competition vs imperfect competition, roles of information in markets, positive and negative externalities, monopolies, oligopolies, monopolistic competition, and strategic games.

Typology: Study notes

2010/2011

Uploaded on 05/22/2011

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Download ECON 22060 Spring 2011 - Exam 3 Study Guide - Prof. John Morrow and more Study notes Microeconomics in PDF only on Docsity! ECON 22060, Spring 2011 Professor John Morrow Study Guide for Exam 3 1. STUDY GUIDE TABLE 1. What differentiates perfect competition from imperfect competition? TABLE 2. What roles does information play in markets? TABLE 3. Explain positive and negative externalities. 1 2 TABLE 4. What are “free riders” and are they related to the “prisoner’s dilemma”? TABLE 5. How do monopolies maximize profits? Are there any societal costs of monop- oly? Are monopolies “natural”? TABLE 6. What are some ways imperfectly competitive firms extract extra rents from markets?

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