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Omar o
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Decks in this class (18)
Revenue
Total revenue tr,
Average revenue ar,
Marginal revenue mr
8
cards
Diagrams
Average revenue ar curve,
Mr,
Total revenue tr curve
27
cards
Costs
Short run,
Long run,
Fixed costs
39
cards
Profit
What if a business is making less...,
Total cost includes opportunity cost,
Normal profit
12
cards
Quiz diagram questions
So what will apple do hint rememb...,
So what will trump do hint rememb...,
The following diagram shows a fir...
10
cards
Efficiency
So this firm here would be produc...,
So allocative efficiency is where,
So allocative efficiency is when
14
cards
Business objectives
So far in the course we ve assume...,
At launch each ps3 was sold for a...,
Revenue maximisation
8
cards
Business Growth
However if a firm expands too far...,
Other times though owners might p...,
Reasons why some firms grow
46
cards
Market Structures Introduction
N firm concentration ratio
1
cards
Monopoly
A monopoly is where,
What assumptions do economists ma...,
Monopoly
40
cards
Perfect Competition
Perfect competition,
As demand becomes more elastic co...,
Mandy s demand is perfectly elast...
6
cards
Monopolistic Competition
Key features of monopolistic comp...,
Because gaurav is making supernor...,
Explain what happens as a monopol...
3
cards
Oligopoly
So in summary what are the key fe...,
Oligopoly,
Because their demand is inelastic...
25
cards
Contestability
What does perfect competition and...,
So a market that isn t contestabl...,
Explain why the airline market ha...
10
cards
Pros and Cons of Market Structures
Where do monopolies produce at an...,
Where do firms in perfect competi...,
As monopolies produce at the prof...
30
cards
Regulation and Competition Policy
So in summary the cma will invest...,
So in summary there are two main ...,
So in summary regulatory capture ...
35
cards
Labour Market Elasticities
Let s start with elasticity of de...,
For instance mcdonalds workers are,
Given that wages make up a small ...
22
cards
Monopsony
Explain how a monopsony can reduc...,
A trade union is,
For a maximum wage to be effectiv...
13
cards
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Micro Econ 2
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