Essay about Econ 2 Study Guide

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Chapter 9
Perfect Competition
Easy entry/ exit
Many firms
Homogenous products
Price taker
No adv.
Shift in supply curve
Price taker- a firm that can alter its rate of production and sale without significantly affecting the market price.
Shutdown condition: P ≥ AVC continue; P< AVC shutdown
Chapter 10
Monopoly
Absolute Barriers
One firm
No close substitues
Price maker
Adv. For new product/ public relations
No shift
Interdependence- mutual dependence between things
Chapter 11
Monopolistic Competition
Easy entry/ exit
Many firms
Differentiated products
Price makers
Adv.
Shift in demand
Oligopoly
Many barriers
Few firms
Product doesn’t matter (homogenous or differentiated)
Price makers
Adv.
Shift in supply curve

Chapter 12
Sherman Act- illegal for companies to seek monopoly on a product or service, or form cartels
Antitrust laws- maintain fair competition in open market industry
Natural Monopoly- one firm that can produce the whole market demand at a lower opportunity cost than other firms
Mergers:
Horizontal- same products
Vertical- merge between two companies in the production line
Conglomerate- merge between to random industries
Chapter 13
Derived demand: if demand for a good increases, demand for the factors of the good increase as well.
Mariginal Revenue Product = Marginal Physical Product x Marginal Revenue
Marginal Physical Product=
Wage= Marginal Fixed Cost
Chapter 14
Types of Unions
1. Craft or trade: members do the same job
2. Industrial: members who work on the

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