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A Level Eco - Micro 2 > Th3.6: Limits > Flashcards

Th3.6: Limits Flashcards

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1

Q

What are the two types of limit?

A

regulatory capture
asymmetric information

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A Level Eco - Micro 2 (150 decks)

Th3.1: Why Firms Grow Whilst Others Remain Small

Th3.1: The Principal Agent Problem

Th3.1: Public and Private Sector

Th3.1: Profit and Not-for-profit Organisations

Th3.1: Organic Growth

Th3.1: Forward and Backward Vertical Integration

Th3.1: Forward and Backward Vertical Integration Advantages

Th3.1: Horizontal Integration Advantages

Th3.1: Horizontal Integration Disadvantages

Th3.1: Conglomerate Integration Advantages

Th3.1: Conglomerate Integration Disadvantages

Th3.1: Constraints of Business Growth

Th3.1: Demergers

Th3.1: Reasons for Demergers

Th3.1: Impacts of Demergers

Th3.2: Profit Maximisation

Th3.2: Revenue Maximisation

Th3.2: Sales Maximisation

Th3.2: Satisficing

Th3.2: Other Aims

Th3.3: Types of Revenue

Th3.3: Price Elasticity

Th3.3: Marginal Revenue

Th3.3: Types of Cost

Th3.3: Short-run Cost Curves

Th3.3: Diminishing Marginal Productivity

Th3.3: The Relationship Between Short-run and Long-run Cost Curves

Th3.3: Shift and Movement of the LRAC Curve

Th3.3: Economies and Diseconomies of Scale

Th3.3: Internal Economies of Scale

Th3.3: ^^ Technical Economies

Th3.3: ^^ Financial Economies

Th3.3: ^^ Managerial Economies

Th3.3: ^^ Marketing and Purchasing Economies

Th3.3: External Economies of Scale

Th3.3: ^^ Labour

Th3.3: ^^ Support Services

Th3.3: Diseconomies of Scale

Th3.3: ^^ Workers

Th3.3: ^^ Geography

Th3.3: ^^ Change

Th3.3: ^^ Price of Materials

Th3.3: ^^ Management

Th3.3: Normal Profits, Supernormal Profits and Losses

Th3.3: Condition for Profit Maximisation

Th3.3: Short-run and Long-run Shut-down Points

Th3.4: Efficiency

Th3.4: ^^ Allocative Efficiency

Th3.4: ^^ Productive Efficiency

Th3.4: ^^ Dynamic Efficiency

Th3.4: ^^ X-inefficiency

Th3.4: Perfect Competition

Th3.4: Characteristics of Perfect Competition

Th3.4: Profit Maximising Equilibrium

Th3.4: Efficiency

Th3.4: Monopolistic Competition

Th3.4: Monopolistic Competition Characteristics

Th3.4: Profit Maximising Equilibrium 2

Th3.4: Efficiency 2

Th3.4: Characteristics of Oligopoly

Th3.4: Kinked Demand Theory

Th3.4: N-firm Concentration Ratios

Th3.4: Collusive and Non-Collusive Behaviour

Th3.4: Collusive Oligopoly

Th3.4: Non-Collusive Oligopoly

Th3.4: Game Theory

Th3.4: ^^ Prisoner's Dilemma

Th3.4: Types of Price Competition

Th3.4: Prices Wars

Th3.4: Predatory Pricing

Th3.4: Limit Pricing

Th3.4: Other Pricing Strategies

Th3.4: Types of Non-Price Competition

Th3.4: Efficiency 3

Th3.4: Characteristics of Monopoly

Th3.4: Profit Maximising Equilibrium 3

Th3.4: Third Degree Price Discrimination

Th3.4: Costs and Benefits

Th3.4: Natural Monopoly

Th3.4: Costs and Benefits

Th3.4: ^^ Firms

Th3.4: ^^ Employees

Th3.4: ^^ Suppliers

Th3.4: ^^ Consumers

Th3.4: ^^ Efficiency

Th3.4: Williamson Trade Off

Th3.4: Extra Monopoly Info

Th3.4: Characteristics and Conditions of Monopsony

Th3.4: Costs and Benefits

Th3.4: ^^ Firms

Th3.4: ^^ Consumers

Th3.4: ^^ Employees

Th3.4: ^^ Suppliers

Th3.4: Contestability

Th3.4: Characteristics of Contestable Markets

Th3.4: Implications

Th3.4: Types of Barriers to Entry and Exit

Th3.4: Sunk Costs and the Degree of Contestability

Th3.4: Reasons for Increasing Contestability

Th3.5: Demand for Labour

Th3.5: Derived Demand

Th3.5: Factors Influencing Demand for Labour

Th3.5: Factors Affecting PED of Labour

Th3.5: Factors Influencing Supply of Labour

Th3.5: ^^ Wages

Th3.5: Market Failure

Th3.5: Immobility

Th3.5: Elasticity of Supply

Th3.5: Wage Determination in Competitive and Non-Competitive Markets

Th3.5: Wage Determination:

Th3.5: ^^ Perfect Competition

Th3.5: ^^ Monopsony in the Labour Market

Th3.5: ^^ Monopoly in the Labour Market

Th3.5: ^^ Bilateral Monopoly

Th3.5: Labour Market Issues

Th3.5: Arguments for the National Minimum Wage

Th3.5: Arguments against the National Minimum Wage

Th3.5: Impact of Minimum Wage

Th3.5: Minimum Wage - Macroeconomic Effects

Th3.5: Maximum Wages

Th3.5: Public Sector Wage Setting

Th3.5: Tackling Immobility

Th3.6: Government Intervention

Th3.6: Controlling Mergers

Th3.6: Controlling Monopolies

Th3.6: ^^ Price Regulation

Th3.6: ^^ Profit Regulation

Th3.6: ^^ Quality Standards

Th3.6: ^^ Performance Targets

Th3.6: Other Types of Regulation for Monopolists

Th3.6: Promoting Competition and Contestability

Th3.6: ^^ Promotion of Small Business

Th3.6: ^^ Deregulation

Th3.6: ^^ Competitive Tendering

Th3.6: Protecting Suppliers and Employees

Th3.6: ^^ Restrictions on Monopsony Power

Th3.6: ^^ Workers' Rights

Th3.6: Privatisation and Nationalisation

Th3.6: Advantages of Privatisation

Th3.6: Disadvantages of Privatisation

Th3.6: Advantages of Nationalisation

Th3.6: Disadvantages of Nationalisation

Th3.6: Natural Monopolies

Th3.6: Impacts of Government Intervention

Th3.6: Regulatory Capture

Th3.6: Asymmetric Information

Fernie Definitions Test

Fernie Definitions Test 2

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