Define the principle of opportunity cost and competitive advantage
Describe the principles of demand, supply, and market price and quantity determination
Summarize the effects of price controls and taxes in markets
Explain how markets can lead to efficient and desirable quantity and price outcomes for society
Discuss how markets can lead to inefficient and undesirable quantity and price outcomes for society
Explain the equity-efficiency trade-off in economics in the context of taxation
Describe the principle of rising marginal cost, its relation to average cost and other costs, and how costs for the firm differ in the short and long runs
Review the principle of profit maximization and how it is used by firms to determine their output in the short and long runs
Illustrate how the output and entry and exit decisions of firms in competitive markets determine the price and supply of output in the short and long runs
Explain how prices and outputs are determined in markets characterized by just one seller (monopoly), a few sellers (oligopoly), or by many sellers of unique but similar products (monopolistic competition).
Define the principle of opportunity cost and competitive advantage.
Describe the principles of demand, supply, and market price and quantity determination.
Summarize the effects of price controls and taxes in markets.
Explain how markets can lead to efficient and desirable quantity and price outcomes for society.
Discuss how markets can lead to inefficient and undesirable quantity and price outcomes for society.
Discuss how public goods can be provided, and how common resources can be managed for economic efficiency.
Explain the equity-efficiency trade-off in economics in the context of taxation.
Describe the principle of rising marginal cost, its relation to average cost and other costs, and how costs for the firm differ in the short and long runs.
Review the principle of profit maximization and how it is used by firms to determine their output in the short and long runs.
Illustrate how the output and entry and exit decisions of firms in competitive markets determine the price and supply of output in the short and long runs.
Explain how prices and outputs are determined in markets characterized by just one seller (monopoly), a few sellers (oligopoly), or by many sellers of unique but similar products (monopolistic competition).