Welcome to John Prichard's Microeconomics Home Page
My Microeconomics Professor, Dr. Moeinian's Home Page
A link to The Economist Web Page -- A site dedicated to Economics
About ME.  I am a student at Valencia Community College in Orlando, FL. I am majoring in Economics and hope to eventually graduate. This site is dedicated to enhancing my learning experience. Check back often, I will be updating this site regularly as I work my way toward my degree.
Link to the Federal Reserve of the United States
Microeconomics is the study of decision making by individuals, households, firms, industries or specific levels of government
In this class, I have discovered many things about microeconomics
Positive Economics deal with facts.
An example would be if Mary earns $50/hr and she works 10 hours, then she earned $500.
Normative Economics is based on value judgements. We ought to make the rich give $100 a week to the poor is an example.
Examples of Substitute Goods:
Coke and Pepsi
McDonalds and Burger King
Nike and Reebok
Pork and Beef
Chevrolet and Ford
Substitute goods compete with each other for buyers
Normative goods go together.
Examples of Normative Goods:
Chips and Salsa
Pizza and Beer
Mattress and Box Springs
Market Structures:
Perfect Competition is a large number of small firms, easy entry and exit from the market and a common product
Monopoly Structure is a single seller with a unique product and impossible entry into the market.
Monopolistic Competition is many small sellers with differentiated product and easy market entry and exit.
Oligopoly is few sellers with difficult market entry and either like or differentiated products
examples of perfect competition are farmers and hotels
examples of monopoly were Standard Oil in the 1900's and ATT in the 1980's
Monopolistic competition examples are restaurants, lawyers, doctors and golf courses
Oligopoly is best represented by the Auto industry
Microeconomics also deals with Antitrust and regulation
Major Antitrust legislation includes:
The Sherman Act of 1890 - prohibit monopolization and conspiracies
The Clayton Act of 1914 - makes it illegal to engage in anticompetitive business practices
The Federal Trade Commission Act of 1914- estabilshed the Federal Trade Commission
The Robinson-Patman Act (the "Chain Store Act") of 1936 - strengthened the Clayton Act by making price discrimination illegal
The Celler-Kefauver Act of 1950 - Prohibits purchasing a competitor if the merger substantially lessens competition
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