acronyms

Question 1

profit maximisation

Answer 1

peter makes massive round monster cakes

point of profit maximisation = (mc = mr)

Question 2

market structure characteristics

Answer 2

market structures; number of firms, differentiation, pricing power, profit maximisation, entry and exit barriers, differentiation, efficiencies

no perfect princes eat enough devilled eggs (much shame)

Question 3

allocative efficiency

Answer 3

point of allocative efficiency maximisation = (p = mc)

all elves play musical chairs

Question 4

productive efficiency

Answer 4

point of productive efficiency = lowest point of ac

posies end lonely angel cries

Question 5

policies (for policies questions)

Answer 5

policies; taxation, information, subsidisation, regulation

trains in smoking rehabiliation

Question 6

evaluation points (eerie…)

Answer 6

evaluation; elasticity, government failure, short / long term, efficiency, theory vs practise

eerie girlfriends sometimes even tele-port

Question 7

evaluation points (easy…)

Answer 7

evaluation 2: equality / equity, effectiveness of policies, would alternatives be better, scope on, who is effected, scale of the effects, prioritisation, other influences

easy eggs are sunny side plus oiled

Question 8

what to put in paragraphs

Answer 8

point analyse context graph evaluation justified judgement

ponies always crave gentrified evergreen jackfruit jam