ECON1101 Chapter 8: Chapter 8 prac qu

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15 May 2018

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Chapter 8

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1) What is Normal Profit and how is Normal Profit Calculated?[Chapter 8 The Competitive Firm ]

2) Define Market Structure in Economics? Define Perfect Competition. Define Imperfect Competition. [Chapter 8 The Competitive Firm]

3.) Describe the Perfect Competition Firm's Demand Curve and explain why it's that shape. [Chapter 8 The Competitive Firm ]

4.) What is the Profit maximization Rule for a firm in Perfect Competition? [Chapter 8 The Competitive Firm]

In the Chapter 8 homework (Question 9), we estimated the natural unemployment rate in the US for two periods - from 1970-1990 and from 1990-2014

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