home

Edexcel Economics 7. Market Structures

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by
robalot39
Rate:
Last updated: March 9, 2020
You have not attempted this quiz yet.
More quiz info >>
First submittedOctober 27, 2019
Times taken35
Average score25.0%
Report this quizReport
Quiz and answer stats >>
Shared scores >>
6:00
Enter answer here
0
 / 20 guessed
The quiz is paused. You have remaining.
Scoring
You scored / = %
This beats or equals % of test takers also scored 100%
The average score is
Your high score is
Your fastest time is
Keep scrolling down for answers and more stats ...
Description
Term
A popular method of pricing whereby firms set their price by adding a mark-up to average cost
Cost-plus pricing
The point at which an individual firm is in equilibrium in both the short-run and long-run under perfect competition
MR=MC
Efficiency at a particular point in time and thus under particular market conditions
Static efficiency
The curve that is equal to a firm's average revenue curve
Demand curve
The price at which a firm would exit the market
Shut down price
A situation in game theory where each player's chosen strategy maximises payoffs given the other player's choice, so that neither has an incentive to alter behaviour
Nash equilibrium
Barriers to entry that are built-up by incumbent firms to limit new competition such as limit pricing or high advertising expenditure
Strategic barriers
The slope of a demand/average revenue curve under perfect competition
Horizontal
That business objective assumed in the models of perfect competition, monopoly, monopolistic competition, and oligopoly
Profit maximisation
A market in which incumbent firms make only normal profit, being unable to set a higher price without attracting entry due to the absence or limitation of both barriers to entry and sunk costs
Contestable Market
A situation in which firms openly cooperate to agree prices or market share
Overt collusion
A situation of productive and allocative efficiency where it is not possible to make someone better-off without making another worse-off (depending on the value society places on the goods and services concerned)
Pareto efficiency
Where firms focus on competing in a smaller market niche such as plus sized clothing
Positioning
That which is achieved in the long-run under perfect competition when average revenue equals average cost
Equilibrium
That curve which is equal to the average revenue curve and demand curve under perfect competition in the short-run
Marginal revenue curve
That which arises where price equals marginal cost
Allocative efficiency
Does an oligopoly achieve productive and/or allocative efficiency?
No
That which is achieved with price discrimination where marginal revenue in the different markets is equal to the marginal cost of producing total output
Profit maximisation
That which began in March 2020 between OPEC and its ally Russia after the latter refused to reduce its oil production in order to maintain prices during the Coronavirus epidemic
Price war
That which barriers to entry and exit can encourage where firms do not face much competition and/or likelihood of being driven out of the market
Inefficiency
Save Your Stats
Your Next Quiz
Countries of the World Quiz
How many countries do you know? In this quiz, you've got 15:00 to name as many as you can. Go!
Letters of the Greek Alphabet - Sudden Death
Can you click the letters of the ancient Greek alphabet without making any mistakes?
MCU Characters with a Solo Movie - Sudden Death
Click all the Marvel characters who have had their own solo movie in the Marvel Cinematic Universe.
Pin Africa on a Borderless Map
Drag the pin onto the correct country. Careful, though! Three wrong moves and the game ends.
Comments
No comments yet
Copyright H Brothers Inc, 2008–2026
Contact Us | Go To Top | View Desktop Site | Site Map