1
Q
What are the two types of limit?
A
regulatory capture
asymmetric information
A Level Eco - Micro 2
flashcards
Decks in class (150)
# Cards
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Th3.1: Why Firms Grow Whilst Others Remain Small7
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Th3.1: The Principal Agent Problem11
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Th3.1: Public and Private Sector4
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Th3.1: Profit and Not-for-profit Organisations2
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Th3.1: Organic Growth10
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Th3.1: Forward and Backward Vertical Integration7
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Th3.1: Forward and Backward Vertical Integration Advantages5
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Th3.1: Horizontal Integration Advantages5
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Th3.1: Horizontal Integration Disadvantages2
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Th3.1: Conglomerate Integration Advantages5
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Th3.1: Conglomerate Integration Disadvantages2
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Th3.1: Constraints of Business Growth8
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Th3.1: Demergers1
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Th3.1: Reasons for Demergers10
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Th3.1: Impacts of Demergers6
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Th3.2: Profit Maximisation8
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Th3.2: Revenue Maximisation8
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Th3.2: Sales Maximisation11
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Th3.2: Satisficing5
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Th3.2: Other Aims5
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Th3.3: Types of Revenue4
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Th3.3: Price Elasticity9
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Th3.3: Marginal Revenue8
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Th3.3: Types of Cost10
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Th3.3: Short-run Cost Curves2
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Th3.3: Diminishing Marginal Productivity4
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Th3.3: Curves16
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Th3.3: The Relationship Between Short-run and Long-run Cost Curves10
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Th3.3: Shift and Movement of the LRAC Curve5
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Th3.3: Economies and Diseconomies of Scale8
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Th3.3: Internal Economies of Scale2
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Th3.3: ^^ Technical Economies6
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Th3.3: ^^ Financial Economies3
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Th3.3: ^^ Managerial Economies2
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Th3.3: ^^ Marketing and Purchasing Economies4
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Th3.3: External Economies of Scale2
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Th3.3: ^^ Labour3
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Th3.3: ^^ Support Services1
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Th3.3: Diseconomies of Scale1
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Th3.3: ^^ Workers2
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Th3.3: ^^ Geography1
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Th3.3: ^^ Change1
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Th3.3: ^^ Price of Materials3
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Th3.3: ^^ Management4
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Th3.3: Normal Profits, Supernormal Profits and Losses4
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Th3.3: Condition for Profit Maximisation3
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Th3.3: Short-run and Long-run Shut-down Points12
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Th3.4: Efficiency2
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Th3.4: ^^ Allocative Efficiency2
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Th3.4: ^^ Productive Efficiency4
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Th3.4: ^^ Dynamic Efficiency6
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Th3.4: ^^ X-inefficiency5
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Th3.4: Perfect Competition3
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Th3.4: Characteristics of Perfect Competition7
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Th3.4: Profit Maximising Equilibrium8
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Th3.4: Efficiency6
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Th3.4: Monopolistic Competition4
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Th3.4: Monopolistic Competition Characteristics4
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Th3.4: Profit Maximising Equilibrium 28
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Th3.4: Efficiency 27
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Th3.4: Characteristics of Oligopoly2
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Th3.4: Kinked Demand Theory6
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Th3.4: N-firm Concentration Ratios4
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Th3.4: Collusive and Non-Collusive Behaviour8
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Th3.4: Collusive Oligopoly12
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Th3.4: Non-Collusive Oligopoly2
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Th3.4: Game Theory12
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Th3.4: ^^ Prisoner's Dilemma2
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Th3.4: Types of Price Competition2
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Th3.4: Prices Wars7
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Th3.4: Predatory Pricing3
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Th3.4: Limit Pricing4
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Th3.4: Other Pricing Strategies8
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Th3.4: Types of Non-Price Competition9
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Th3.4: Efficiency 33
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Th3.4: Characteristics of Monopoly3
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Th3.4: Profit Maximising Equilibrium 33
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Th3.4: Third Degree Price Discrimination10
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Th3.4: Costs and Benefits6
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Th3.4: Natural Monopoly8
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Th3.4: Costs and Benefits1
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Th3.4: ^^ Firms6
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Th3.4: ^^ Employees3
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Th3.4: ^^ Suppliers2
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Th3.4: ^^ Consumers6
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Th3.4: ^^ Efficiency3
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Th3.4: Williamson Trade Off13
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Th3.4: Extra Monopoly Info4
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Th3.4: Characteristics and Conditions of Monopsony9
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Th3.4: Costs and Benefits1
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Th3.4: ^^ Firms2
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Th3.4: ^^ Consumers4
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Th3.4: ^^ Employees3
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Th3.4: ^^ Suppliers1
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Th3.4: Contestability4
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Th3.4: Characteristics of Contestable Markets5
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Th3.4: Implications8
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Th3.4: Types of Barriers to Entry and Exit11
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Th3.4: Sunk Costs and the Degree of Contestability6
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Th3.4: Reasons for Increasing Contestability10
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Th3.5: Demand for Labour7
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Th3.5: Derived Demand2
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Th3.5: Factors Influencing Demand for Labour10
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Th3.5: Factors Affecting PED of Labour6
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Th3.5: Factors Influencing Supply of Labour9
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Th3.5: ^^ Wages3
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Th3.5: Market Failure3
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Th3.5: Immobility5
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Th3.5: Elasticity of Supply7
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Th3.5: Wage Determination in Competitive and Non-Competitive Markets4
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Th3.5: Wage Determination:2
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Th3.5: ^^ Perfect Competition6
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Th3.5: ^^ Monopsony in the Labour Market7
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Th3.5: ^^ Monopoly in the Labour Market9
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Th3.5: ^^ Bilateral Monopoly9
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Th3.5: Labour Market Issues10
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Th3.5: Arguments for the National Minimum Wage8
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Th3.5: Arguments against the National Minimum Wage5
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Th3.5: Impact of Minimum Wage2
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Th3.5: Minimum Wage - Macroeconomic Effects5
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Th3.5: Maximum Wages9
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Th3.5: Public Sector Wage Setting5
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Th3.5: Tackling Immobility13
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Th3.6: Government Intervention2
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Th3.6: Controlling Mergers5
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Th3.6: Controlling Monopolies4
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Th3.6: ^^ Price Regulation9
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Th3.6: ^^ Profit Regulation5
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Th3.6: ^^ Quality Standards4
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Th3.6: ^^ Performance Targets6
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Th3.6: Other Types of Regulation for Monopolists1
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Th3.6: Promoting Competition and Contestability1
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Th3.6: ^^ Promotion of Small Business3
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Th3.6: ^^ Deregulation4
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Th3.6: ^^ Competitive Tendering8
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Th3.6: Protecting Suppliers and Employees1
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Th3.6: ^^ Restrictions on Monopsony Power3
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Th3.6: ^^ Workers' Rights3
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Th3.6: Privatisation and Nationalisation3
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Th3.6: Advantages of Privatisation6
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Th3.6: Disadvantages of Privatisation5
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Th3.6: Advantages of Nationalisation6
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Th3.6: Disadvantages of Nationalisation4
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Th3.6: Natural Monopolies4
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Th3.6: Impacts of Government Intervention12
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Th3.6: Limits1
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Th3.6: Regulatory Capture5
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Th3.6: Asymmetric Information3
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Fernie Definitions Test14
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Fernie Definitions Test 215
