Microeconomics - Popsicle

Question 1

P

Answer 1

Price - Price for consumers and price for suppliers

How could a change in price could impact an economic business?

Question 2

O

Answer 2

Output - Production of Individual firms/sectors

How will output be effected by the change in the factor of the question?

Question 3

P

Answer 3

Profits - Supernormal, normal and subnormal for different firms

How are profits impacted by the changes of the factor.

Question 4

S

Answer 4

Structure of the market - Oligopoly, monopoly and contestable.

How factors are impacted by the structure of the market

Question 5

I

Answer 5

Inefficiency - Allocative, productive and dynamic

How inefficiency effects the factor

Question 6

C

Answer 6

Competition - Price and non price competition

What influence does competition have on the factor being discussed?

Question 7

L

Answer 7

Labour markets - Impact on level/Pattern of jobs wages

What impact the factor has on the labour market

Question 8

E

Answer 8

Externalities - effects on social costs and benefits

How externalities are effected by the factor discussed in the question.

Question 9

What is popsicle used for?

Answer 9

Identifying microeconomic factors to discuss during essays