Objectives:

1. Identify the 5 characteristics of Monopolistic Competition.

2. Identify the short run aspects of a Monopolistic Competition Graph (Identifying Q, P, Profit/Loss, MC, ATC, D, MR, AR, Price 

 

Homework:

1. Read and Outline Chapter 17 in Mankiw for Friday 1/16 

 

 

Objectives:

1. Evaluate whether or not monopolistic competition firms are efficient. Why or why not?

2. Identify the definition of excess capacity and how it relates to MC.

3, Analyze the reasoning why MC firms hold back production.

 

Homework:

1. Homework - Monopolistic Competition in the Short Run (10 Points)

 

 

Objectives:

1. TSW define the characteristics of oligopolies.

2. TSW identify the barriers to entry found within oligopolies.

 

Homework:

1. None

 

Objectives:

1. TSW identify the father of modern game theory.  

2. TSW discuss the rationale why game theory is relevant and needed for oligopolies.

3. TSW define the term Nash Equilibrium

 

Homework:

1. None

 

Objectives:

1. TSW practice different examples of game theory problems.  

2. TSW define and give examples of dominant and dependent strategies.

 

Homework:

1. None

 

Objectives:

1. TSW take the Monopolistic Competition + Oligopolies Quiz (30 Points) 

 

Homework: 

1. TSW better start preparing the AP Microeconomics FRQ on Friday 1/23