- CFA Exams
- 2022 Level I
- Study Session 3. Economics (1)
- Reading 9. The Firm and Market Structures
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Learning Outcome Statements PDF Download
| 1. Characteristics of Different Market Structures a. describe characteristics of perfect competition, monopolistic competition, oligopoly, and pure monopoly; | |
| 2. Perfect Competition b. explain relationships between price, marginal revenue, marginal cost, economic profit, and the elasticity of demand under each market structure; c. describe a firm's supply function under each market structure; d. describe and determine the optimal price and output for firms under each market structure; e. explain factors affecting long-run equilibrium under each market structure; | |
| 3. Monopolistic Competition b. explain relationships between price, marginal revenue, marginal cost, economic profit, and the elasticity of demand under each market structure; c. describe a firm's supply function under each market structure; d. describe and determine the optimal price and output for firms under each market structure; e. explain factors affecting long-run equilibrium under each market structure; | |
| 4. Oligopoly b. explain relationships between price, marginal revenue, marginal cost, economic profit, and the elasticity of demand under each market structure; c. describe a firm's supply function under each market structure; d. describe and determine the optimal price and output for firms under each market structure; e. explain factors affecting long-run equilibrium under each market structure; | |
| 5. Monopoly b. explain relationships between price, marginal revenue, marginal cost, economic profit, and the elasticity of demand under each market structure; c. describe a firm's supply function under each market structure; d. describe and determine the optimal price and output for firms under each market structure; e. explain factors affecting long-run equilibrium under each market structure; | |
| 6. Price Discrimination f. describe pricing strategy under each market structure; | |
| 7. Identification of Market Structure g. describe the use and limitations of concentration measures in identifying market structure; h. identify the type of market structure within which a firm operates. |
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