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A level Year 2 Microeconomics - Statistics
General Stats
- This quiz has been taken 23 times
- The average score is 8 of 27
Answer Stats
| Hint | Answer | % Correct |
|---|---|---|
| Fixed cost + Variable cost | Total cost | 65%
|
| Costs that do not change with output | Fixed cost | 53%
|
| A large number of small suppliers, none of which is large enough to dominate the market (MS) | Perfect competition | 53%
|
| A small number of large firms produce most of the output of an industry (MS) | Oligopoly | 47%
|
| Secret or illegal cooperation in order to deceive other firms / achieve a common goal | Collusion | 41%
|
| Total revenue - Total cost - Opportunity cost | Economic profit | 41%
|
| Unit cost advantages from expanding the scale of production in the long-run | Economies of Scale | 41%
|
| Costs that are dependant on output | Variable cost | 41%
|
| When there is a wide-ranging agreement among several firms in a market | Cartel | 35%
|
| In perfect competition, when price = AVC | Shutdown point | 35%
|
| Any profit made above normal profit causing new firms to enter the market (AR>AC) | Supernormal profit | 35%
|
| Total revenue - Total cost | Accounting profit | 29%
|
| When organisational wastage leads to a loss of efficiency (Eff) | X | 29%
|
| Focusses on the change in choice and quantity over time; linked with innovation (Eff) | Dynamic | 24%
|
| In highly contestable markets, firms enter and leave in order to make short term supernormal profits | Hit and Run | 24%
|
| The characteristics of a market which determine the behaviour of firms | Market Structure | 24%
|
| A large number of small suppliers producing non-homogenous goods so have some price setting power (MS) | Monopolistic Competition | 24%
|
| A formal agreement - when firms agree to fix prices and quantity (illegal in EU, UK and US) (Collusion) | Overt | 24%
|
| Costs of production which are not recoverable if a firm leaves the market | Sunk Costs | 24%
|
| When an economy is allocating scarce resources to meet society's wants and needs (P=MC) (Eff) | Allocative | 18%
|
| The market share of the largest firms in the industry | Concentration Ratio | 18%
|
| How easy it is for new firms to enter an industry/market | Contestability | 18%
|
| Lead to a rise in a firms long-run average costs | Diseconomies of Scale | 18%
|
| Occurs when a whole industry grows larger and firms benefit from lower long-run average costs (EoS) | External | 18%
|
| Producing at the lowest possible cost of production (MC=AC) (Eff) | Productive | 18%
|
| When AR < AC causing firms to leave the market | Subnormal profit | 18%
|
| Informal agreement - firms monitor one another and copy each others actions (Collusion) | Tacit | 18%
|
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