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Title: A Level microeconomics quick fire exam questions theme 3 - Edexcel
Description: This list of 59 short exam questions will help A Level Edexcel economists test their knowledge, primarily on the market structures topic.
Description: This list of 59 short exam questions will help A Level Edexcel economists test their knowledge, primarily on the market structures topic.
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Quick-fire exam questions
1
...
3
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What is average revenue?
What is total revenue?
What is marginal revenue?
On an imperfect competition revenue diagram, where does TR reach its
maximum?
5
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What are implicit and explicit costs?
7
...
8
...
What are average costs?
10
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Where is the point of profit maximisation found on a graph?
12
...
Where is normal profit found on a graph?
14
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Where is a loss found on a graph?
16
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17
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18
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19
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Give the characteristics of firms in a monopoly
...
What is a legal monopoly?
22
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What is the difference between a local natural monopoly and a legal natural
monopoly? (give examples)
...
What is third-degree price discrimination?
25
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Who benefits from price discrimination and who loses?
27
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What is allocative efficiency?
29
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What is dynamic efficiency?
31
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Describe the characteristics of firms in monopolistic competition
...
How does the long run monopolistic competition graph vary from the long run
MONOPOLY graph? (and why?)
...
What are the characteristics of firms in an oligopoly?
35
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What are the costs and benefits of predatory and limit pricing?
37
...
38
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39
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40
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What is an extreme example of overt collusion?
42
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What 2 things might it be tempting for firms in a collusive agreement to do at
the last minute?
44
...
On a kinked demand curve, what happens to quantity demanded when price
falls?
46
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47
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48
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49
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Give the characteristics of a perfectly contestable market
...
Explain how markets can be made less contestable through limit pricing
...
How and why does hit and run competition occur in a highly contestable
market?
53
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Give a diagrammatic analysis of the law of diminishing marginal returns
...
Define: diminishing returns and explain why and how it occurs
...
Give the acronym for the types of internal economies of scale
...
What are agglomeration economies and give some examples
...
Why does X-inefficiency occur in monopolies and give 2 causes of it
...
What do firms have to be making in order for dynamic efficiency to occur?
(and why?)
Title: A Level microeconomics quick fire exam questions theme 3 - Edexcel
Description: This list of 59 short exam questions will help A Level Edexcel economists test their knowledge, primarily on the market structures topic.
Description: This list of 59 short exam questions will help A Level Edexcel economists test their knowledge, primarily on the market structures topic.