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QUESTION
Understand the terms price taker and price maker and how it relates to the consumer? Consider methods to examine the implications of market power?
- Understand the terms price taker and price maker and how it relates to the consumer?
- Consider methods to examine the implications of market power?
- Understand methods that market power alters the relationship between a firms' costs and the price at which it sells it product?
- Understand methods to examine the production and pricing decisions of monopolies?
- What is a monopoly?
- What are barriers to entry?
