Economics 252
Principles of Microeconomics
Jim Vincent
Fall 2014
Exam 3 Topic Areas
Exam 3 is on November 21 and will cover Chapters 7 (the Costs in the Long Run section), 9
(the material on entry, exit and LR equilibrium), 10, 11 (the section on monopolistic
competition), and 14. The topics for this exam include, but are not limited to, the
following:
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perfect competition
low barriers to entry
LRATC
returns to scale (economies of scale, diseconomies of scale, constant returns to scale)
entry, exit and the zero-profit long-run equilibrium
monopoly
high barriers to entry
comparing monopoly and perfect competition
monopolistic competition
low barriers to entry
Pareto improvement and economic efficiency
consumer surplus, producer surplus
deadweight loss
As I have said before, it is always useful to do the end-of-chapter review questions and
problems. The ones I specifically recommend are:
5th edition:
Chapter 7: Problem Set: 4, 6, 7
Chapter 9: Problem Set: 3, 4, 8, 9, 10
Chapter 10: Problem Set: 1, 2, 5, 6(a. and b.), 8
Chapter 11: Problem Set: 1, 2, 3, 4, 6, 7
Chapter 14: Problem Set: 1, 3, 6