Edexcel A Level Economics A:复习笔记3.4.7 Contestability
Characteristics of Contestable Markets A contestable market occurs when there is freedom of entry into a market & where costs of exit are low A contestable market & competition are differen...
Edexcel A Level Economics A:复习笔记3.4.6 Monopsony
Monopsony Power A monopsony occurs when there is a single buyer in the market A pure monopsony is actually very rare, however there are many cases where there is a dominant buyer in an oligopoly or...
Edexcel A Level Economics A:复习笔记3.4.5 Monopoly
Characteristics of Monopoly A monopoly is a market structure in which there is a single seller There are no substitute products The firm has complete market power & is able to set prices & ...
Edexcel A Level Economics A:复习笔记3.4.4 Oligopoly
Characteristics of Oligopoly Most markets are imperfectly competitive Most imperfectly competitive industries operate in an oligopoly market structure E.g., Banks, insurance companies, department s...
Edexcel A Level Economics A:复习笔记3.4.3 Monopolistic Competition
Characteristics of Monopolistic Markets The characteristics of monopolistic competition are as follows There are a large number of small firms: each one is relatively small and can act independentl...
Edexcel A Level Economics A:复习笔记3.4.2 Perfect Competition
Characteristics of Perfect Competition The characteristics of perfect competition are as follows There are many buyers and sellers: due to the number of market participants sellers are price takers...
Edexcel A Level Economics A:复习笔记3.4.1 Efficiency
Types of Efficiency An Explanation of the Four Types of Efficiency Allocative Efficiency Occurs at the level of output where average revenue = marginal cost (AR = MC) At this point, resources are a...
Edexcel A Level Economics A:复习笔记3.3.4 Normal Profits, Supernormal Profits & Losses
Condition for Profit Maximisation To maximise profit firms should produce up to the level of output where marginal cost (MC) = marginal revenue (MR) Calculations To Demonstrate the Profit Maximisat...
Edexcel A Level Economics A:复习笔记3.3.3 Economies & Diseconomies of Scale
Economies & Diseconomies of Scale As a firm increases its scale of output in the long-run, its long-run average total costs (LRATC) will initially decrease due to the benefits it receives These...
