Understand the supply curve.
Understand how to apply the law of supply.
Understand the study of how firms’ decisions about prices and quantities depend on the market conditions they face.
Understand how consumers influence the market price of goods it sells.
Understand the term market power.
Understand the types of cost: fixed, variable, and marginal.
Understand the terms price taker and price maker and how it relates to the consumer.
Consider methods to examine the implications of market power.
Understand methods that market power alters the relationship between a firm’s costs and the price at which it sells its product.
Understand methods to examine the production and pricing decisions of monopolies.
Understand the term, “monopolistic competition.”
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