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Microeconomics - Year 2

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

By: Unknown Unknown
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Decks in this class (18)

Sizes & Types of firms 3.1.1
Reasons why firms stay small 1,
Reasons why firms grow 2,
What is the principal agent probl...
4  cards
Business Growth 3.1.2
Define organic growth 1,
Define inorganic growth 2,
What are the 4 types of inorganic...
18  cards
Demergers 3.1.3
What are the 4 reasons for a deme...,
Pro of demerging to workers 2,
Con of demerging to workers 3
7  cards
Business objectives 3.2.1
What are the 4 main influences of...,
Where does revenue maximisation o...,
Where does sales maxmisation occu...
5  cards
Revenue 3.3.1
Total revenue formula 1,
Average revenue formula 2,
What is marginal revenue 3
7  cards
Costs 3.3.2
Define production in sr 1,
Define production in lr 2,
Define fixed costs 3
28  cards
Profit 3.3.4
Where does normal profit occur 1,
Where do losses occur 2,
Where does supernormal profit occ...
8  cards
Efficiency 3.4.1
What are the 4 types of efficiency 1,
What is productive efficiency and...,
What is allocative efficiency and...
5  cards
Perfect Competition 3.4.2
What are the key features of perf...,
Advantages of perfect competition...,
Disadvantages of perfect competit...
7  cards
Monopolistic Competition 3.4.3
Define monopolistic competition 1,
What are the 5 key features of mo...,
In the long run monopolistic firm...
6  cards
Oligopoly 3.4.4
What are the key features of an o...,
Overt collusion 2,
Tacit collusion 3
13  cards
Monopoly 3.4.5
Pure monopoly 1,
Legal monopoly 1,
4 monopoly characteristics 2
23  cards
Monopsony 3.4.6
Define a trade union 1,
Define a monopsony 2,
What 3 ways are used to combat mo...
11  cards
Contestability 3.4.7
Define constestability 1,
What are the 4 characteristics of...,
What is hit and run competition 3
5  cards
Demand for labour 3.5.1
What 3 factors affect elasticity ...,
Define labour substitutability 2,
In markets where workers are easy...
5  cards
Supply of labour 3.5.2
What 7 non wage factors shift lab...,
If lots of skils are needed in th...,
If unemployment is high the suppl...
8  cards
Wage Determination in Competitive & Non-competitive Markets 3.5.3
What 7 factors shift the supply a...,
Define non pecuniary benefits 2,
What are the 6 current labour mar...
5  cards
Government Intervention 3.6.2
What are the different types of m...,
Why would the cma investigate a m...,
What are the 2 types of price caps 3
25  cards

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Microeconomics - Year 2

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