SLO coveredCHAPTERSSLONUMBER OF qUESTIONSAFUNDAMENTALSExplai…
SLO coveredCHAPTERSSLONUMBER OF qUESTIONSAFUNDAMENTALSExplain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.2BDEMANDSUPPLY ANDEQUILIBRIUMIdentify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.3CCONSUMER CHOICESummarize the law of diminishing marginal utility; describe the process of utility maximization1DELASTICITYCalculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.3EResourcesDescribe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.4FPERFECT COMPETITIONMONOPOLYMONOPOLISTIC COMPETITIONOLIGOPOLY. Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.5GPRODUCTIONDetermine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis.4HMARKET EFFICIENCYDescribe governmental efforts to address market failure such as monopoly power, externalities, and public goods.3IINTERNATIONAL TRADEI.Identify the benefits of free trade using the concept of comparative advantage.3
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