A firm with market power engages in price discrimination in order to, For the monopolistically competitive firm represented by the graph above, the allocatively efficient quantity of output is, A monopolistically competitive firm's demand curve will be least elastic if bircanaydn1206. AP Psychology Practice Test: States of Consciousness pdf download. IB is a registered trade mark of International Baccalaureate Organization which was also not involved in the production of and does not endorse this material.**. Correct. . Use the following links to Alberts AP Microeconomics course to see if you truly understand each of the units: There are two types of FRQs on the AP Micro exam: short answers and long answers. Zeb were observed that enhanced the next generation's ability to cope with the new, warmer temperatures. kenken165. Lower Prices Same Prices 1. Sign in to AP Classroom and explore these resources: AP Daily videosare short, searchable instructional segments you can: Topic questions are formative questions to check student understanding as you teach. Study with Quizlet and memorize flashcards containing terms like The table shows the short-run production of a firm that produces and sells its product in a perfectly competitive market. The framework specifies what students must know, be able to do, and understand, with a focus on big ideas that encompass core principles and theories of the discipline. 18 terms. An increase in the price of cameras results in a decrease in the demand for film. Which one of the following terms is defined as dividends paid expressed as a percentage of net income? This is the core document for this course. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. . E) This will benefit borrowers with variable-interest rate loans. The first entry in each cell indicates the profits for Art's, and the second entry in each cell indicates the profits for Zeb's. AP studentscan also access videos on their own for additional support. AP Macroeconomics Unit 2 Progress Check: MCQ. Time Limit. Test. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. . 2. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. E) The bank gains, while Myron remains unaffected. We cover the important vocabulary, skills, and concepts you need to understand and master. C) Jan's real wage is 25% higher because the CPI increased from 100 to 125. \text{ } & \text{\$ 100} & \text{\$ 200} & \text{\$ 400}\\ natelewis_ English Vocab Final. C) This will harm lenders with fixed-interest rate loans. Liza0554. ea1104. A) Workers would be better off, and the employers would be worse off. The graph shows the cost and revenue curves for a monopoly that produces teddy bears. 2011 Real GDP in 1984 dollars = 2011 Nominal GDP/GDP deflator in hundredths = $15 billion/(200/100) or $7.5. The offspring's altered gene expression, also referred to as 'acclimation,' allowed them to maximize oxygen consumption and energy use." In this post, well go over the latest exam changes, what units are covered, practice resources to review, and wrap up with some AP Micro study tips and things to remember. The concentration of CO2 fluctuated between 150ppm and 250ppm until recently, when the concentration rose exponentially. PDF. The researchers observed moths on tree trunks and recorded their body color. D. dividend portion 22 terms. Section. B) Amy's will lower prices, and Sam's will charge the same prices. Which of the following is true in imperfectly competitive markets? E) There is insufficient information to answer the question. What is the annuitys FV? RowenAntony5. AP Microeconomics Exam Free-Response Questions and Scoring Information Archive. question does this decision answer in a free market economy. The letters in the graph represent the enclosed areas. Test Booklet Name Include . This is an excerpt of the article originally appearing in bioGraphic, an online magazine about nature and sustainability powered by the California Academy of Sciences. Natalie_Vissman. C) Amy's will charge the same prices, and Sam's will lower prices. E) Workers would be worse off, and the employers would be better off. Explain your reasoning. E) Workers would be worse off, and the employers would be better off. A) There is a recessionary gap. 22 terms. 2023 AP Micro Unit 2 Review | Free Reviews, Study Guides, & Notes 1: Multiple Choice (MCQs) 60 Questions. The two products are. Q. Master supply and demand in these Unit 2 AP Micro resources. Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. Basking on the brink: An "unholy" river in India may be the last, best hope for one of the world's largest and most imperiled crocodilians. Powered by Create your own unique website with customizable templates. Researchers examined the effect of industrialization and increased pollution (soot) in London on the coloration in a single species of moths. PBS News Hour reported in 2014 that 39.4%39.4 \%39.4% of Americans between the ages of 25 and 64 have at least a two-year college degree (PBS website). encourage students to take advantage of on their own, on mobile devices or computers. AP Macroeconomics: Unit 3 Progress Check MCQ. . 01$1002$2003$400. Wrap up your AP Micro studies with unit 6market failure and role of government! Fun fact, before Albert, we were called Learnerator. Mortaldragon21. The first section has 60 multiple-choice questions (MCQs). Skip to document. B) $2.00 D) 2015 Finches with larger beaks were more likely to survive in 1980 because they were able to feed primarily on seeds and nuts during the drought. . I would also like to thank Francis McMann, James Chasey, and Steven Reff who taught me how to be an effective AP Economics teacher at AP summer institutes; as well as the countless high school teachers, and college professors from the AP readings, economics Facebook groups, and #econtwitter. Physics majors would make the best managers.. Video tutorials reviewing concepts can be helpful to supplement your learning and review. Each owner has the choice to lower prices for early bird customers or keep prices the same. Which of the following is definitely true about the economy between January of 2017 and January of 2018? Which of the following best identifies the author's claim? The Graduate Management Admission Test (GMAT) is used by many graduate schools of business as one of their admission criteria. AP, IB, and College Microeconomicand Macroeconomic Principles. Which of the following is an example of a scarce factor of production? If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. C) Nominal GDP measures how much output is produced within the borders of a country, while real GDP measures how much output is produced around the world by domestic companies. To obtain Real GDP from nominal GDP and the GDP deflator requires the following calculation: Real GDP = Nominal GDP/(GDP deflator in hundredths). C) there are a small number of rival firms producing very similar products Back in the day, we recorded walkthroughs of some of the past released FRQs to help students understand each question, piece-by-piece. In years with less rainfall, there are fewer grasses to feed on and the finches rely more on seeds for food. Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? Based on the information above, which ecosystem would most likely recover the fastest from a natural disruption? Country X's economy is in an inflationary gap. The first section has 60 multiple-choice questions (MCQs). a), Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. Learn more about the CED in this interactive walk-through. A) The dominant strategy for Art's is to lower prices. Zeb a. And dont forget to like and subscribe! Which of the following explains why imperfectly competitive markets are inefficient? 36 terms. AP Microeconomics Course and Exam Description. Anthropogenic disruptions to Earth's resources can have sudden and severe negative consequences to the health of native species, specifically those whose populations are already threatened. Zeb E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator AP Microeconomics Unit 2 MCQ. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. A schedule showing the trade-off between inflation and unemployment. Given the labor market data above, what are the labor-force participation rate (LFPR) and the unemployment rate (UR) ? AP Microeconomics - Unit 6 - Market Failure & the Role of Government. Nominal GDP = Real GDP GDP Deflator, Suppose Miguel wants to know the value of real gross domestic product (GDP) for 2011 in terms of the base year 1984 dollars. get rich)? This is the core document for the course. For a species that is struggling, the fate of this river will determine its future. The above payoff matrix illustrates the daily profits for two restaurants. B) there are a large number of rival firms producing more differentiated products E) 2017. multiple-choice questions with rationales explaining correct and incorrect answers, and. AP Gov Unit 2 Progress Check: MCQ Part A Flashcards apples would Johnny have to consume before he considers purchasing another orange? C) Myron gains, while the bank loses. Sets found in the same folder. Which of the following explains why imperfectly competitive markets are inefficient? statement. D) Firms must lower their product prices to sell additional units. Which of the following must be true? Article Information: Sohn, E. (2018, June 5). Assuming the government of a country imposes a tariff on its imports of foreign goods, what is the likely effect on the country's currency in foreign exchange markets? Number of Workers Quantity of Output 0 0 1 8 2 15 3 21 4 26 5 30 If the firm sells its product at the market price of $10 per unit, the marginal revenue product of the fourth worker is A) $40 B) $50 C) $65 D . When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. By mid-January, the dead reptilessome the length of two tall men, lined up end to endnumbered in the dozens. question. The first entry in each cell indicates the profits for Art's, and the second entry in each cell indicates the profits for Zeb's. 27 terms. Which of the following is classified as a discouraged worker? They agreed to a 3 percent per year increase in pay over the 3 years. For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. A) There is a recessionary gap. Assuming a rate of 10% annually, find the FV of $1,000 after 5 years. b. Year Question CED Topics Video Question/Rubric; 2019 Set1 #1: Unit 4: Monopoly, Deadweight Loss, Shut Down, Fixed Costs: Question/Rubric: 2019 Set1 #2: Unit 2: Marginal Analysis, Consumer Surplus, Cross-Price Elasticity : Question/Rubric: 2019 Set1 #3 . If not (and the TVM is the only consideration), what nominal rate will cause all of the banks to provide the same effective annual rate as Bank A? What are the variance and standard deviation for the number of people with at least a two-year college degree? . Jan works a 30-hour week for a minimum wage of $10 an hour. 13 terms. Assume that a profit-maximizing, perfectly competitive firm hires labor in a perfectly competitive labor market. My Reports highlights progress for every student and class across AP units. B) a vertical line On February 13, 2016, following the death of Supreme Court Justice Antonin Scalia, Senate Majority Leader Mitch McConnell issued a statement that the Supreme Court vacancy should be . D) mutual interdependence D) Nominal GDP includes sales of used goods while real GDP does not. AP Psychology Practice Test: History, Approaches, & Research Methods pdf download. 4 min read december 12, 2021. Click on the question, try it out, then watch the review video to walk you through it! (a) Using the numerical values above, draw a correctly labeled graph of the. l. Suppose you borrow$15,000. C) $2.50 Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. AP Psychology Practice Test: Sensation & Perception pdf download. Sample Multiple Choice. List and analyze the differences between the four major market structures. C) 0.5 Based solely on the information given, do you have reason to question the results of the following hypothetical studies? AP Microeconomics 95 resources. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. E) Stagflation. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. E) Neither owner has a dominant strategy. A) there are a large number of rival firms producing very similar products C) The difference between the expenditure side of GDP and the income side of GDP. 27 terms. B) Myron gains, while the bank remains unaffected. Simulate how different MCQ and FRQ scores translate into AP scores. D) Both Myron and the bank equally gain. D) The dominant strategy for Zeb's is to charge the same prices. 120 seconds. D) Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). illustrates the potentially catastrophic consequences that disruptions to water bodies can have on aquatic species that are close to the brink. Uni 3 Progress Check: MCQ. Five banks offer nominal rates of 6% on deposits; but A pays interest annually; B pays semiannually; C pays quarterly; D pays monthly; and E pays daily. AP Macroeconomics Scoring Guide Unit 4 Progress Check: MCQ 1. Which of the following best describes the pattern in the atmospheric CO2 concentration data over the past 200,000 years? D) Inflation free-response questions with scoring guides to help you evaluate student work. Same Prices $100; $700 $400; $500 This check on presidential power illustrates that. On 4/20: Complete Unit 1 Progress Check MCQ (multiple choice questions) in My AP (AP Classroom), as well as Unit 1 Progress Check FRQ. Download. An island off the coast of Africa contains a larger percentage of specialist species than generalist species. While this study looked specifically at how an altered sense of smell could affect fishes' response to danger, it's likely that other critical behaviors that depend on smell, such as navigation, reproduction, and hunting for food, would also take a hit if fish aren't able to adequately process smells. \text{0} & \text{1} & \text{2} & \text{3}\\ His local print shop charges $91.50 for the first 200 copies and$420 for every 100 additional copies. If, The graph above shows the cost and revenue curves for a natural monopoly that provides electrical power to the town of Fanaland. AP Psychology Practice Tests - CrackAP.com Expert AP teachers across the country can support your course virtually: Supplement your instruction with 30-minute videos on each unit hosted by college or university professors. GMAT scores for selected undergraduate majors are shown AP Macroeconomics Unit 3 | Economics Quiz - Quizizz C) there are a small number of rival firms producing very similar products Army College of Education for Women, Peshawar. AP Microeconomics Unit 2 MCQ Flashcards Quizlet Which of the following is true of a natural monopoly? C) The market for factors of production connects spending by firms to household income. Based on the information, does either firm have a dominant strategy? 28 terms. Bring Albert to your school and empower all teachers with the world's best question bank for: Use the following list to make sure you are prepared for any topic that may show up on your particular exam! Which of the following describes a difference between nominal gross domestic product (GDP) and real GDP? AP Microeconomics Past Exam Questions - College Board E) Nominal GDP takes into account the size of the population while real GDP does not. AP Micro Unit 3 Progress . Unit 4 Progress Check: MCQ Flashcards | Quizlet Which of the following is an example of a nonrival resource? Q. Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? As always, you have the flexibility to organize the course content as you like. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. The AP Microeconomics exam includes 60 MCQs and 3 FRQs. The 2022 AP Microeconomics exam will be given in person using paper-and-pencil tests. AP Macroeconomics Unit 2 Progress Check: MCQ Flashcards Q. E8.D7.C6 5.B4.D3.B2.C1. Microeconomics Unit 3 questions & answers for quizzes and tests - Quizizz Lower Prices Same Prices Use the payback method to determine whether Preston should purchase this plant. C. dividend payout ratio For the following situations identify whether the description is a centralized or decentralized organization. b. Same Prices $100; $700 $400; $500 Which of the following is a Nash equilibrium? Which statement is best supported by the data in the graph? Which of the following describes a limitation of gross domestic product (GDP) ? Art Lower Prices $300; $400 $600; $200 You plan to make a series of depositsannually for A, semiannually for B, quarterly for C, monthly for D, and daily for Ewith payments beginning today. practice questions for hw ap microeconomics unit supply, demand and consumer choice practice questions the demand curve for normal good slopes down for which of. . View or download the complete AP exam schedule here. . Recent flashcard sets. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. AP Macroeconomics Scoring Guide Unit 2 Progress Check: MCQ 1. Sign in to AP Classroomto access AP Daily. B) $7.5 billion E) 0, The higher wages college graduates receive are primarily due to AP Microeconomics will include topics from all units (Units 1 through 6). Which of the following describes the most immediate effect if an invasive generalist species is introduced to the island? Here are some of the key takeaways: We hope youve found this AP Microeconomics review guide helpful. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. If so, please click the button below to share it on Twitter, or e-mail this link to your friends! E) Jan's real wage is $8 per hour at the end of the year. Suppose you dont have the $5,000 but need it at the end of 1 year. College board: Unit 2 progress Check: MCQ Flashcards | Quizlet What effective annual rate does each bank pay? Criticize the following E. dividend section. In the absence of externalities, the perfectly competitive market maximizes economic surplus when. If the government regulates the monopolist to produce the allocatively efficient quantity and provides a subsidy sufficient to maintain zero economic profits for the firm, what price would the government set and what level of output would the firm produce? A The supply of the currency will increase and the currency will depreciate. Which statement is true about the circular flow diagram of an economy? for two generations under three different water temperatures, up to 3 degrees Celsius warmer than current-day ocean temperatures. AP CALCULUS. Which basic economic. B) The dominant strategy for Art's is to charge the same prices. B) Art will lower prices, and Zeb will charge the same prices. C) on-the-job training Dead gharials began washing up on the banks of India's Chambal River in December 2007. Correct. A) a large number of firms Suppose that last year is the base year for the Consumer Price Index (CPI). Same Prices $100; $700 $400; $500 What will the payments be if this is an annuity due? Assume the government implements a policy that causes a market to produce the socially optimal level of output. assign to students before or after class to maximize time for discussion. AP Microeconomics Course - AP Central | College Board C) standardized products The above payoff matrix illustrates the daily profits for two restaurants. D) The difference between the actual rate of unemployment and the natural rate of unemployment. Which of the following best identifies the author's claim? Ready to practice for you next free response exam? A) 2009 These materials are part of a College Board program. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. A) Real GDP = Nominal GDP/GDP deflator D) Real GDP = Nominal GDP + GDP deflator Would you rather start with one penny ($0.01)(\$ 0.01)($0.01) and double your wealth every day or start with $1000\$ 1000$1000 and double your wealth every two days (assuming you want to get rich in the long run)? The AP Microeconomics Exam includes two sections. What is the firm's profit-maximizing quantity of output? The diagram describes conditions for a natural monopoly. Speculation ensued among researchers and government officials about what caused the die-off. E) The unemployment rate is lower than the natural rate of unemployment. Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. D) $3.00 Based on the Understanding by Design (Wiggins and McTighe) model, the course framework provides a clear and detailed description of the course requirements necessary for student success. And conversely, the money that the bank pays back to Myron when the certificate of deposit matures is worth more than that money was worth during the time the bank had this money. An island 30 hectares in size that is 10 kilometers off the coast of the mainland. Matt Pedlow, Chelsea High School, Chelsea, Mich. Stephanie Vanderford, Providence Day School, Charlotte, N.C. Carl Coates, Carl Sandburg High School, Orland Park, Ill. Lynda Motiram, Dulaney High School, Timonium, Md. How large must the payments be to each bank? A. dividend retention ratio Progress Check MCQ - AP CALCULUS g. How will the PV and FV of the annuity in part f change if it is an annuity due? D) 2015 AP Calculus BC Scoring Guide Unit 3 Progress Check: FRQ Part B Copyright 2017. Not all free-response questions on . REVIEW - Mr. Stanley's Classes Find the PV and the FV of an investment that pays 8% annually and makes the following end-of-year payments.1,000iftheinterestrateis8, 0123$100$200$400\begin{matrix} Based on a variety of clues, however, [researchers suspect] illegal or accidental dumping of the non-steroidal anti-inflammatory drug diclofenac that was once commonly used on livestock but was banned in India in 2006. course to see if you truly understand each of the units: Examples of Short Free-Response Questions, For more examples of previous FRQs, check out the College Board archive for, Get FRQs with included sample responses with a license to, To stay up to date and adjust your study plan accordingly, read our. D) Workers would be worse off, and the employers would be unaffected. A) Deflation B) Real GDP = GDP deflator/Nominal GDP Spanish vocab list 11. Recent flashcard sets. 5 Big Religions Unit 2. Expert Help. . AP Psychology Downloads. 21 terms. What were her average earnings per hour? Correct. . Correct. C) 2013 Fish were placed in a holding tank and exposed to the smell of salmon-skin extract, which indicates a predator attack and usually prompts the fish to hide or swim away. B) a good is nonexcludable in consumption. . Lower Prices Same Prices 21 terms. C) The dominant strategy for Zeb's is to lower prices. A) 1 Log in Join. Answer the following questions: a. The AP Higher Education section features information on recruitment and admission, advising and placement, and more. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. At the trough of a business cycle, there is a recessionary gap because, at the trough, actual output is below potential output. [R]esearchers . "Acclimation may buffer populations against the impacts of rapid environmental change and provide time for genetic adaptation to catch up over the longer term." AP Microeconomics FRQ Practice - ReviewEcon.com katelyn-7-AP Macroeconomics Unit 3 Progress Check. B) economies of scale define resources and the cause(s) of their scarcity, define how resource allocation is influenced by the economic system adopted by society, define (using graphs as appropriate) the production possibilities curve (PPC) and related terms, explain (using graphs as appropriate) how the production possibilities curve (PPC) illustrates opportunity costs, trade-offs, inefficiency, efficiency, and economic growth or contraction under various conditions, calculate (using data from PPCs or tables as appropriate) opportunity cost, define absolute advantage and comparative advantage, determine (using data from PPCs or tables as appropriate) absolute and comparative advantage, explain (using data from PPCs or tables as appropriate) how specialization according to comparative advantage with appropriate terms of trade can lead to gains from trade, calculate (using data from PPCs or tables as appropriate) mutually beneficial terms of trade, define opportunity cost and explain or calculate the opportunity costs associated with choices, explain a decision by comparing total benefits and total costs (using a table or a graph when appropriate), calculate total benefits and total costs (using a table or graph where appropriate), define the key assumptions of consumer choice theory, explain (using a table or graph as appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, calculate (using a table or a graph when appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, define marginal analysis and related terms, explain a decision using marginal analysis (using a table or a graph when appropriate), define (using graphs as appropriate) key terms and factors related to consumer decision making and the law of demand, explain (using graphs as appropriate) the relationship between price and quantity demanded and how buyers respond to incentives and constraints, explain (using graphs as appropriate) buyers responses to changes in incentives and constraints, define (using graphs as appropriate) the law of supply, explain (using graphs as appropriate) the relationship between price and quantity supplied, explain (using graphs as appropriate) producers (sellers) responses to changes in incentives and technology, explain (using graphs where appropriate) measures of elasticity and the impact of a given price change on total revenue or total expenditure, calculate (using data from a graph or a table as appropriate) measures of elasticity, define (using graphs as appropriate) market equilibrium, consumer surplus, and producer surplus, explain (using graphs as appropriate) how equilibrium price, quantity, consumer surplus, and producer surplus for a good or service are determined, calculate (using data from a graph or table as appropriate) areas of consumer surplus and producer surplus at equilibrium, explain (using graphs where appropriate) how changes in underlying conditions and shocks to a competitive market can alter price, quantity, consumer surplus, and producer surplus, calculate (using data from a graph or table as appropriate) changes in price, quantity, consumer surplus, and producer surplus in response to changes in market conditions or market disequilibrium, define forms of government price and quantity intervention, explain (using graphs where appropriate) how government policies alter consumer and producer behaviors that influence incentives and therefore affect outcomes, calculate (using data from a graph or table where appropriate) changes in market outcomes resulting from government policies, explain (using graphs where appropriate) how markets are affected by public policy related to international trade, calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from public policy related to international trade, Unit 3: Production, Cost, and the Perfect Competition Model, define (using graphs where appropriate) key terms and concepts relating to production and cost, explain (using graphs where appropriate) how production and cost are related in the short run and long run, calculate (using data from a graph or table as appropriate) the various measures of productivity and short-run and long-run costs, explain how firms respond to profit opportunities, define (using graphs or data as appropriate) the profit-maximizing rule, explain (using a graph or data as appropriate) the profit-maximizing level of production, explain (using graphs or data where appropriate) firms short-run decisions to produce positive output levels, or long-run decisions to enter or exit a market in response to profit-making opportunities, define (using graphs as appropriate) the characteristics of perfectly competitive markets and efficiency, explain (using graphs where appropriate) equilibrium and firm decision making in perfectly competitive markets and how prices in perfectly competitive markets lead to efficient outcomes, calculate (using data from a graph or table as appropriate) economic profit (loss) in perfectly competitive markets, define (using graphs where appropriate) the characteristics of imperfectly competitive markets and inefficiency, explain (using graphs where appropriate) equilibrium, firm decision making, consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets and why prices in imperfectly competitive markets cannot be relied on to coordinate the actions of all possible market participants and can lead to inefficient outputs, calculate (using data from a graph or table as appropriate) areas of consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets, define (using tables as appropriate) key terms, strategies, and concepts relating to oligopolies and simple games, explain (using tables as appropriate) strategies and equilibria in simple games and the connections to theoretical behaviors in various oligopoly market and non-market settings, calculate (using tables as appropriate) the incentive sufficient to alter a players dominant strategy, define (using graphs where appropriate) key terms and concepts relating to factor markets, explain (using graphs where appropriate) the relationship between factors of production, firms, and factor prices, calculate (using data from a graph or table where appropriate) the marginal revenue product and marginal resource cost, explain (using graphs where appropriate) firms and factors responses to changes in incentives and constraints, define (using graphs as appropriate) the characteristics of perfectly competitive factor markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, calculate (using data from a graph or table where appropriate) measures representing the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, define (using graphs as appropriate) the characteristics of monopsonistic markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, calculate (using data from a graph or table where appropriate) measures representing the profit maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, Unit 6: Market Failure and the Role of Government.