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Topic 2 – Economics
Learning Module 1 – The Firm and Market Structures
- LOS : Determine and interpret breakeven and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition.
- LOS : Describe characteristics of perfect competition, monopolistic competition, oligopoly, and pure monopoly.
- LOS : Explain supply and demand relationships under monopolistic competition, including the optimal price and output for firms as well as pricing strategy.
- LOS : Explain supply and demand relationships under oligopoly, including the optimal price and output for firms as well as pricing strategy.
- LOS : Identify the type of market structure within which a firm operates and describe the use and limitations of concentration measures.