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Final Exam Study Guide
Micro Economics (Econ 2106)
Georgia State University
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ECON 2106 – Final Exam Study Guide
Chapter 13 – Oligopoly and Strategic Behavior
I. What is Oligopoly? i. Oligopoly is a form of market structure that exists when a small number of firms sell a product in a market with significant barriers to entry. b. Measuring the Concentration of Industries c. Collusion and Cartels in a Simple Duopoly Example i. Competitive Outcome ii. Monopoly Outcome iii. Duopoly Outcome d. Oligopoly with More Than Two Firms II. How Does Game Theory Explain Strategic Behavior? a. Strategic Behavior and the Dominant Strategy b. Duopoly and the Prisoner’s Dilemma c. Advertising and Game Theory d. The Cold War e. Escaping the Prisoner’s Dilemma in the Long Run f. Sequential Games g. A Caution about Game Theory III. How Do Government Policies Affect Oligopoly Behavior? a. Antitrust Policy b. Predatory Pricing IV. What Are Network Externalities? V. Conclusion
Chapter 7 – Market Inefficiencies: Externalities and Public
Goods
I. What Are Externalities, and How Do They Affect Markets? a. The Third-Party Problem i. Correcting for Negative Externalities ii. Correcting for Positive Externalities II. What Are Private Goods and Public Goods? a. Private Property i. The Coase Theorem b. Private and Public Goods i. Private Goods ii. Public Goods c. Group Work i. Club Goods and Common-Resource Goods III. What Are the Challenges of Providing Nonexcludable Goods? a. Cost-Benefit Analysis b. Internet Piracy c. Common Resources and the Tragedy of the Commons d. Possible Solutions to the tragedy of the Commons
e. Deforestation in Haiti IV. Conclusion
Chapter 15 – Income, Inequality, and Poverty
I. What Are the Determinants of Wages? a. The N0nmonetary Determinants of Wages i. Compensating Differentials ii. Education and Human Capital b. Does Education Really Pay? i. Location and Lifestyle ii. Unions iii. Efficiency Wages c. Wage Discrimination i. Looking at the Data ii. Human Capital and the Life-Cycle Wage Pattern d. The Effects of Beauty on Earnings i. Occupational Crowding: How Discrimination Affects Wages ii. A Cautiously Optimistic Outlook e. Winner-Take-All II. What Causes Income Inequality? a. Factors That Lead to Income Inequality i. Ability ii. Training and Education iii. Discrimination iv. The Role of Wealth v. The Role of Corruption in Income Inequality b. 5th Pillar c. Measuring Income Inequality i. Understanding Observed Inequality ii. The Gini Index iii. Difficulties in Measuring Income Inequality d. Income Mobility III. How Do Economists Analyze Poverty? a. The Poverty Rate b. Poverty Policy i. Welfare ii. In-Kind Transfers iii. The Earned Income Tax Credit (EITC) iv. The minimum Wage c. Problems with Traditional Aid d. Muhammad Yunus and the Grameen Bank IV. Conclusion
EXAM 1:
Chapter 1 – Five Foundations of Economics
Final Exam Study Guide
Course: Micro Economics (Econ 2106)
University: Georgia State University
