Understand the terms price taker and price maker and how it relates to the consumer? Consider methods to examine the implications of market power?

  1. Understand the terms price taker and price maker and how it relates to the consumer?
  2. Consider methods to examine the implications of market power?
  3. Understand methods that market power alters the relationship between a firms’ costs and the price at which it sells it product?
  4. Understand methods to examine the production and pricing decisions of monopolies?
  5. What is a monopoly?
  6. What are barriers to entry?

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