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Economics Unit 3

This class was created by Brainscape user Nicholas Elorreaga. Visit their profile to learn more about the creator.

By: Nicholas Elorreaga
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Decks in this class (14)

3.3.4 - Costs
Give 3 examples of fixed costs,
Define total fixed costs,
Define average fixed costs
28  cards
3.3.1 Objectives of a Firm
What are the various aims of firms,
When does profit maximisation occur,
When does revenue maximisation occur
10  cards
3.3.2 Why do Firms grow
Why do some firms stay small,
Why do firms choose to grow,
What are the two types of growth
27  cards
3.3.3 - Revenue
What is average revenue,
What is marginal revenue,
What is revenue
5  cards
3.3.5 Efficiency
What is allocative efficiency,
What is productive efficiency,
What is dynamic efficiency
5  cards
3.3.6 Profit
What is normal profit,
What is subnormal profit,
What is supernormal profit
14  cards
3.3.7 Market Structure and Concentration and Barriers etc.
What are the three types of barri...,
What are structural barriers to e...,
What are statutory barriers of entry
17  cards
3.3.10 Contestability
How many firms are there in a con...,
How high are the barriers to entr...,
Will firms collude or compete
5  cards
3.3.11 Government Intervention
Through what methods can governme...,
What factors are government inter...,
How can government limit monopoli...
36  cards
Monopoly
How many producers are there in a...,
What market concentration percent...,
What is the demand curve for a mo...
12  cards
Monopsony
What is monopsony,
What are the problems associated ...,
What are the benefits of monopson...
6  cards
Oligopoly
How many firms in an oligopoly,
How high are the barriers to entr...,
What do oligopolists aim to maximise
9  cards
Monopolistic Competition
How many firms are there in monop...,
How high are the barriers to entr...,
Are products homogeneous or diffe...
9  cards
Diagrams
What does a marginal cost curve l...,
What does the average cost curve ...,
What does the average revenue dem...
17  cards

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Economics Unit 3

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