Perfect Competition and Why It Matters

By the end of this section, you will be able to:<ul><li>Explain the characteristics of a perfectly competitive market</li><li>Discuss how perfectly competitive firms react in the short run and in the long run</li></ul>

Keynes’ Law and Say’s Law in the AD/AS Model

By the end of this section, you will be able to: <ul> <li>Identify the neoclassical zone, the intermediate zone, and the Keynesian zone in the aggregate demand/aggregate supply model</li> <li>Use an aggregate demand/aggregate supply model as a diagnostic test to understand the current state of the economy</li> </ul>

Exponential and Logarithmic Models

In this section, you will: <ul> <li>Model exponential growth and decay.</li> <li>Use Newton’s Law of Cooling.</li> <li>Use logistic-growth models.</li> <li>Choose an appropriate model for data.</li> <li>Express an exponential model in base<m:math> <m:mrow> <m:mtext>&#x2009;</m:mtext><m:mi>e</m:mi> </m:mrow> </m:math>.</li> </ul>

The Safety Net

By the end of this section, you will be able to:<ul><li>Identify the antipoverty government programs that compose the safety net</li><li>Explain the primary goals of the safety net programs and how these programs have changed over time</li><li>Discuss the complexities of these safety net programs and why they can be controversial</li></ul>

Macroeconomic Perspectives on Demand and Supply

By the end of this section, you will be able to:<ul><li>Explain Say’s Law and determine whether it applies in the short run or the long run</li><li>Explain Keynes’ Law and determine whether it applies in the short run or the long run</li></ul>

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