Statistics for A level Year 2 Microeconomics

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General Stats
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General Stats

This quiz has been taken 14 times
The average score is 13 of 27

Answer Stats

Hint	Answer	% Correct
Unit cost advantages from expanding the scale of production in the long-run	Economies of Scale	75%
When there is a wide-ranging agreement among several firms in a market	Cartel	63%
Total revenue - Total cost - Opportunity cost	Economic profit	63%
A small number of large firms produce most of the output of an industry (MS)	Oligopoly	63%
A large number of small suppliers, none of which is large enough to dominate the market (MS)	Perfect competition	63%
In perfect competition, when price = AVC	Shutdown point	63%
Any profit made above normal profit causing new firms to enter the market (AR>AC)	Supernormal profit	63%
Fixed cost + Variable cost	Total cost	63%
Costs that are dependant on output	Variable cost	63%
Total revenue - Total cost	Accounting profit	50%
Secret or illegal cooperation in order to deceive other firms / achieve a common goal	Collusion	50%
Focusses on the change in choice and quantity over time; linked with innovation (Eff)	Dynamic	50%
Costs that do not change with output	Fixed cost	50%
In highly contestable markets, firms enter and leave in order to make short term supernormal profits	Hit and Run	50%
The characteristics of a market which determine the behaviour of firms	Market Structure	50%
A formal agreement - when firms agree to fix prices and quantity (illegal in EU, UK and US) (Collusion)	Overt	50%
When organisational wastage leads to a loss of efficiency (Eff)	X	50%
When an economy is allocating scarce resources to meet society's wants and needs (P=MC) (Eff)	Allocative	38%
The market share of the largest firms in the industry	Concentration Ratio	38%
How easy it is for new firms to enter an industry/market	Contestability	38%
Lead to a rise in a firms long-run average costs	Diseconomies of Scale	38%
Occurs when a whole industry grows larger and firms benefit from lower long-run average costs (EoS)	External	38%
Producing at the lowest possible cost of production (MC=AC) (Eff)	Productive	38%
When AR < AC causing firms to leave the market	Subnormal profit	38%
Informal agreement - firms monitor one another and copy each others actions (Collusion)	Tacit	38%
A large number of small suppliers producing non-homogenous goods so have some price setting power (MS)	Monopolistic Competition	25%
Costs of production which are not recoverable if a firm leaves the market	Sunk Costs	25%