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CMA1.A2.a. define the term utility CMA1.A2.b. differentiate between total utility and marginal utility and show the difference between the two on a graph CMA1.A2.c. demonstrate an understanding of the law of diminishing marginal utility CMA1.A2.d. analyze the relationship of marginal utility theory to the demand curve and to the price elasticity of demand CMA1.A2.e. identify the point of utility maximization CMA1.A2.f. demonstrate an understanding of indifference curves, including the marginal rate of substitution and the consumer’s equilibrium position

CMA1.A4.a. identify the defining characteristics of pure competition, monopoly, monopolistic competition, and oligopoly CMA1.A4.b. differentiate the demand curve of an individual firm in a purely competitive market from the demand curve of the market itself CMA1.A4.c. identify, calculate, and graphically represent average, total, and marginal revenue for a firm in a purely competitive market CMA1.A4.d. identify and define the point of profit maximization for the purely competitive firm in the short-run CMA1.A4.e. identify, calculate, and graphically represent average, total, and marginal cost for a firm in a purely competitive market CMA1.A4.f. demonstrate an understanding of the short-run equilibrium price for the firm and for the industry in a purely competitive market CMA1.A4.g. demonstrate an understanding of profit maximization in the long run for the purely competitive firm CMA1.A4.h. identify, calculate, and graphically represent the demand, marginal revenue, and total revenue of a pure monopolist CMA1.A4.i. determine the point of profit maximization for a monopolist CMA1.A4.j. determine the economic consequences of monopoly CMA1.A4.k. identify and graphically represent the demand curve for a monopolistically competitive firm CMA1.A4.l. identify and define the point of profit maximization for a monopolistically competitive firm in the short run CMA1.A4.m. explain the long-run profit for a monopolistically competitive firm CMA1.A4.n. identify forms of non-price competition CMA1.A4.o. demonstrate an understanding of the kinked demand curve of an oligopoly CMA1.A4.p. predict the likely effects of boycotts and cartels on prices and output CMA1.A4.q. demonstrate an understanding of the factors impacting a firm in an oligopoly CMA1.A4.r. determine the impact of market structures on a firm