Microeconomics

  1. Market Structures
    1. Perfect Competition
      1. Characteristics of Perfect Competition
        1. Many Buyers and Sellers
          1. Homogeneous Products
            1. Free Entry and Exit
              1. Perfect Information
                1. Price Taking Behavior
                2. The Firm as a Price Taker
                  1. Market Price Determination
                    1. Individual Firm's Demand Curve
                    2. Revenue of a Competitive Firm
                      1. Total Revenue
                        1. Average Revenue
                          1. Marginal Revenue
                            1. Relationship Between Price and Marginal Revenue
                            2. Profit Maximization in the Short Run
                              1. The MR = MC Rule
                                1. Graphical Analysis
                                  1. Profit Maximization Condition
                                  2. The Firm's Short-Run Decision to Shut Down
                                    1. Shutdown Point
                                      1. Shutdown vs. Exit Decision
                                        1. Covering Variable Costs
                                        2. The Firm's Short-Run Supply Curve
                                          1. Derivation from MC Curve
                                            1. Supply Curve Above Shutdown Point
                                            2. The Firm's Long-Run Decisions
                                              1. Entry and Exit Conditions
                                                1. Zero Economic Profit Condition
                                                2. Market Supply Curves
                                                  1. Short-Run Market Supply
                                                    1. Long-Run Market Supply with Entry and Exit
                                                    2. Efficiency in Perfect Competition
                                                      1. Productive Efficiency
                                                        1. Allocative Efficiency
                                                          1. Consumer and Producer Surplus
                                                        2. Monopoly
                                                          1. Characteristics of Monopoly
                                                            1. Single Seller
                                                              1. Unique Product with No Close Substitutes
                                                                1. Barriers to Entry
                                                                  1. Price Making Power
                                                                  2. Sources of Monopoly Power
                                                                    1. Monopoly Resources
                                                                      1. Government-Created Monopolies
                                                                        1. Natural Monopolies
                                                                          1. Patents and Copyrights
                                                                          2. The Monopolist's Demand and Revenue
                                                                            1. Downward-Sloping Demand Curve
                                                                              1. Marginal Revenue Below Price
                                                                                1. Total Revenue and Elasticity
                                                                                2. Profit Maximization for a Monopolist
                                                                                  1. MR = MC Rule
                                                                                    1. Price Setting Above Marginal Cost
                                                                                      1. Monopoly Profit
                                                                                      2. The Welfare Cost of Monopoly
                                                                                        1. Deadweight Loss
                                                                                          1. Consumer Surplus Loss
                                                                                            1. Producer Surplus Gain
                                                                                              1. Net Social Loss
                                                                                              2. Price Discrimination
                                                                                                1. Conditions for Price Discrimination
                                                                                                  1. First-Degree Price Discrimination
                                                                                                    1. Second-Degree Price Discrimination
                                                                                                      1. Third-Degree Price Discrimination
                                                                                                        1. Welfare Effects of Price Discrimination
                                                                                                        2. Public Policy Toward Monopolies
                                                                                                          1. Antitrust Laws
                                                                                                            1. Regulation
                                                                                                              1. Public Ownership
                                                                                                                1. Doing Nothing
                                                                                                              2. Monopolistic Competition
                                                                                                                1. Characteristics of Monopolistic Competition
                                                                                                                  1. Many Sellers
                                                                                                                    1. Differentiated Products
                                                                                                                      1. Free Entry and Exit
                                                                                                                        1. Some Market Power
                                                                                                                        2. Product Differentiation
                                                                                                                          1. Types of Differentiation
                                                                                                                            1. Role of Advertising
                                                                                                                              1. Brand Names
                                                                                                                              2. The Firm in the Short Run
                                                                                                                                1. Profit Maximization
                                                                                                                                  1. Demand and Marginal Revenue Curves
                                                                                                                                    1. Short-Run Profits and Losses
                                                                                                                                    2. The Long-Run Equilibrium
                                                                                                                                      1. Entry and Exit Process
                                                                                                                                        1. Zero Economic Profit Condition
                                                                                                                                          1. Excess Capacity
                                                                                                                                          2. Monopolistic Competition vs. Perfect Competition
                                                                                                                                            1. Excess Capacity
                                                                                                                                              1. Markup Over Marginal Cost
                                                                                                                                                1. Product Variety vs. Production Efficiency
                                                                                                                                                2. Advertising and Brand Names
                                                                                                                                                  1. Role in Product Differentiation
                                                                                                                                                    1. Costs and Benefits of Advertising
                                                                                                                                                  2. Oligopoly
                                                                                                                                                    1. Characteristics of Oligopoly
                                                                                                                                                      1. Few Large Firms
                                                                                                                                                        1. Strategic Interdependence
                                                                                                                                                          1. Barriers to Entry
                                                                                                                                                            1. Product Differentiation or Homogeneity
                                                                                                                                                            2. Strategic Behavior
                                                                                                                                                              1. Interdependence of Decisions
                                                                                                                                                                1. Reaction Functions
                                                                                                                                                                2. Models of Oligopoly
                                                                                                                                                                  1. Cournot Model
                                                                                                                                                                    1. Bertrand Model
                                                                                                                                                                      1. Stackelberg Model
                                                                                                                                                                      2. Collusion and Cartels
                                                                                                                                                                        1. Incentives to Collude
                                                                                                                                                                          1. Cartel Formation
                                                                                                                                                                            1. Instability of Cartels
                                                                                                                                                                              1. Cheating on Agreements
                                                                                                                                                                              2. Game Theory Applications
                                                                                                                                                                                1. The Prisoners' Dilemma
                                                                                                                                                                                  1. Dominant Strategies
                                                                                                                                                                                    1. Nash Equilibrium
                                                                                                                                                                                      1. Repeated Games
                                                                                                                                                                                      2. Public Policy Toward Oligopolies
                                                                                                                                                                                        1. Antitrust Laws
                                                                                                                                                                                          1. Merger Policy
                                                                                                                                                                                            1. Regulation of Conduct

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                                                                                                                                                                                        5. The Theory of the Firm: Production and Costs

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                                                                                                                                                                                        7. Factor Markets