Topics Flashcards
1
Q
AS topics
A
Mechanism
Market failure
Government interventions
2
Q
A2 topics
A
Cost and revenue Efficiency Business objectives Integration Structures Labour
3
Q
3 types of market failure
A
Externalities
Public goods
Information gaps
4
Q
What is MRPL
A
Extra revenue generated when an additional worker is employed
5
Q
How to calculate MRPL
A
Marginal product of labour x marginal revenue
6
Q
The MRPL is the _______ curve for labour
A
Demand
7
Q
Problems with MRPL as a measure
A
Hard to measure in certain industries
Collaborative work makes it hard to measure
