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Reading 14: Efficiency and Equity
The candidate should be able to:
a. explain the various means of markets to allocate resources, describe marginal
benefit and marginal cost, and demonstrate why the efficient quantity occurs
when marginal benefit equals marginal cost;
b. distinguish between the price and the value of a product and explain the
demand curve and consumer surplus;
c. distinguish between the cost and the price of a product and explain the supply
curve and producer surplus;
d. discuss the relationship between consumer surplus, producer surplus, and
e. explain 1) how efficient markets ensure optimal resource utilization and 2) the
obstacles to efficiency and the resulting underproduction or overproduction,
including the concept of deadweight loss;
f. explain the two groups of ideas about the fairness principle (utilitarianism and
the symmetry principle) and discuss the relation between fairness and efficiency.
Reading 15: Markets in Action
The candidate should be able to:
a. explain market equilibrium, distinguish between long-term and short-term
effects of outside shocks, and describe the effects of rent ceilings on the
existence of black markets in the housing sector and on the market’s efficiency;
b. describe labor market equilibrium and explain the effects and inefficiencies of a
minimum wage above the equilibrium wage;
c. explain the impact of taxes on supply, demand, and market equilibrium, and
describe tax incidence and its relation to demand and supply elasticity;
d. discuss the impact of subsidies, quotas, and markets for illegal goods on
demand, supply, and market equilibrium.
Reading 16: Organizing Production
The candidate should be able to:
a. explain the types of opportunity cost and their relation to economic profit, and

calculate economic profit;
b. discuss a company’s constraints and their impact on achievability of maximum
c. differentiate between technological efficiency and economic efficiency and
calculate economic efficiency of various companies under different scenarios;
d. explain command systems and incentive systems to organize production, the
principal-agent problem, and measures a firm uses to reduce the principal-agent
e. describe the different types of business organization and the advantages and
disadvantages of each;
f. calculate and interpret the four-firm concentration ratio and the Herfindahl-
Hirschman Index and discuss the limitations of concentration measures;
g. explain why companies are often more efficient than markets in coordinating
economic activity.

Reading 17: Output and Costs
The candidate should be able to:
a. differentiate between short-run and long-run decision time frames;
b. describe and explain the relations among total product of labor, marginal
product of labor, and average product of labor, and describe increasing and
decreasing marginal returns;
c. distinguish among total cost (including both fixed cost and variable cost),
marginal cost, and average cost, and explain the relations among the various
cost curves;
d. explain the company’s production function, its properties of diminishing returns
and diminishing marginal product of capital, the relation between short-run and
long-run costs, and how economies and diseconomies of scale affect long-run

This study session first compares and contrasts the different market structures
in which companies operate. The market environment influences the price a
company can demand for its goods or services. The most important of these
market forms are monopoly and perfect competition, although monopolistic
competition and oligopoly are also covered.
The study session then introduces the macroeconomic concepts that have
an effect on all companies in the same environment, be it a country, a group
of related countries, or a particular industry. The study session concludes
by describing how an economy’s aggregate supply and aggregate demand
are determined.
Reading 18 Perfect Competition
Economics, Eighth Edition, by Michael Parkin
Reading 19 Monopoly
Economics, Eighth Edition, by Michael Parkin
Reading 20 Monopolistic Competition and Oligopoly
Economics, Eighth Edition, by Michael Parkin
Reading 21 Markets for Factors of Production
Economics, Eighth Edition, by Michael Parkin
Reading 22 Monitoring Jobs and the Price Level
Economics, Eighth Edition, by Michael Parkin
Reading 23 Aggregate Supply and Aggregate Demand
Economics, Eighth Edition, by Michael Parkin
Market Structure and Macroeconomic Analysis



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