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A LEVEL ECONOMICS > 3.4 Market structures > Flashcards

3.4 Market structures Flashcards

1
Q

a) Allocative efficiency

A
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2
Q

b) Productive efficiency

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3
Q

c) Dynamic efficiency

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4
Q

d) X-inefficiency

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5
Q

e) Efficiency/inefficiency in different market structures

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6
Q

a) Characteristics of perfect competition

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7
Q

b) Profit maximising equilibrium in the short run and long
run (perfect competition)

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8
Q

c) Diagrammatic analysis (perfect competition)

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9
Q

a) Characteristics of monopolistically competitive markets

A
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10
Q

b) Profit maximising equilibrium in the short run and long
run (Monopolistic
competition)

A
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11
Q

c) Diagrammatic analysis (Monopolistic
competition)

A
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12
Q

a) Characteristics of oligopoly

A

o high barriers to entry and exit
o high concentration ratio
o interdependence of firms
o product differentiation

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13
Q

b) Calculation of n-firm concentration ratios and their
significance

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14
Q

c) Reasons for collusive and non-collusive behaviour

A
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15
Q

d) Overt and tacit collusion; cartels and price leadership

A

show diagram

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16
Q

e) Simple game theory: the prisoner’s dilemma in a simple
two firm/two outcome model

A
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17
Q

f) Types of price competition:

A

o price wars
o predatory pricing
o limit pricing

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18
Q

g) Types of non-price competition

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19
Q

a) Characteristics of monopoly

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20
Q

b) Profit maximising equilibrium (monopoly)

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21
Q

c) Diagrammatic analysis (monopoly)

A
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22
Q

d) Third degree price discrimination:
o necessary conditions
o diagrammatic analysis
o costs and benefits to consumers and producers

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23
Q

e) Costs and benefits of monopoly to firms, consumers,
employees and suppliers

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24
Q

f) Natural monopoly

A
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25
Q

a) Characteristics and conditions for a monopsony to
operate

A
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26
Q

b) Costs and benefits of a monopsony to firms, consumers,
employees and suppliers

A
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27
Q

a) Characteristics of contestable markets

A
28
Q

b) Implications of contestable markets for the behaviour of
firms

A
29
Q

c) Types of barrier to entry and exit

A
30
Q

d) Sunk costs and the degree of contestability

A
31
Q

issues with the kinked demand theory

A

theory is incomplete as it doesn’t explain how and why the oligopolist ended up at the kink emperical evidence doesn’t support the theory - rivals dont tend to respond to price changes the way the theory suggests assumes oligopolists behave competitively but they may actually collude

32
Q

Perfect competition (application)

A
33
Q

perfect competition evaluation

A
34
Q

perf. comp. +ve and -ve

A
35
Q

perf. comp. efficiency

A
36
Q

monop. comp. evaluation

A
37
Q

monop. comp. application

A
38
Q

monop. comp. (dis)advantages

A
39
Q

monop. comp. behaviour of firms

A
40
Q

monop. comp. efficiency

A
41
Q

reasons for nonprice vs price competition

A
42
Q

oligopoly efficiency

A
43
Q

oligopoly +ve and -ve

A
44
Q

working vs natural monopoly

A
45
Q

factors affecting monopoly power

A
46
Q

causes of a monopoly

A
47
Q

monopoly vs perfect competition

A
48
Q

explain monopoly market failure

A
49
Q

monopoly efficiency

A
50
Q

monopoly evaluation

A
51
Q

expl. and diag. first degree price discrimination

A
52
Q

expl. and diag. second degree price discrimination

A
53
Q

third degree price discrimination application

A
54
Q

natural monopoly diagram expl.

A
55
Q

characteristics of natural monop.

A
56
Q

benefits and costs natural monop.

A
57
Q

factors determining AND affecting contestibility

A
58
Q

impact & significance of contestability

A
59
Q

contestability efficiency, advantages and disadvantages

A
60
Q

contestability application

A
61
Q

contestability evaluation

A
62
Q

monopsony power

A
63
Q

min wage in monopsony setting

A
64
Q

monopsony labour market

A
65
Q

monopsony application

A
66
Q

monopsony evaluation

A
67
Q

monopsony benefits and costs

A

A LEVEL ECONOMICS (22 decks)

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