Page 22 - FINAL CFA SLIDES DECEMBER 2018 DAY 5
P. 22
Session Unit 4:
15. The Firm & Market Structures
LOS 15.b: Explain relationships between price, marginal revenue, marginal cost, economic profit, and the
elasticity of demand under each market structure,
LOS 15.d: Describe and determine the optimal price and output for firms under each market structure.
Real issue for MC:
LOS 15.e: Explain factors affecting long-run equilibrium under each market structure. Any economically
efficient amount of
Monopolistic Competition, p. 27 product
differentiation? P.29
Product
innovation,
advertisement,
brand names,
p.27-28
