Microeconomics Flashcards by Catherine Brown

Q

Price

A

Prices for consumers, paid to growers

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Q

Output

A

Production for individual firms/sectors

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Q

Profits

A

Supernormal, normal and subnormal

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Q

Structure of market

A

Oligopoly, monopoly, contestable

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Q

Inefficiency

A

Allocative, productive, dynamic and x inefficient

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Q

Competition

A

Price and non-price competition

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Q

Labour market

A

Impact on level/pattern of jobs, wages

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Q

Externalities

A

Effects on social costs and benefits

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