A level Year 2 Microeconomics

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Last updated: October 13, 2022

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First submitted	December 7, 2021
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Average score	40.7%
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Hint	Answer
Occurs when a whole industry grows larger and firms benefit from lower long-run average costs (EoS)	External
The market share of the largest firms in the industry	Concentration Ratio
Producing at the lowest possible cost of production (MC=AC) (Eff)	Productive
In highly contestable markets, firms enter and leave in order to make short term supernormal profits	Hit and Run
Total revenue - Total cost - Opportunity cost	Economic profit
Total revenue - Total cost	Accounting profit
In perfect competition, when price = AVC	Shutdown point
The characteristics of a market which determine the behaviour of firms	Market Structure
Secret or illegal cooperation in order to deceive other firms / achieve a common goal	Collusion
Unit cost advantages from expanding the scale of production in the long-run	Economies of Scale
When organisational wastage leads to a loss of efficiency (Eff)	X
Any profit made above normal profit causing new firms to enter the market (AR>AC)	Supernormal profit
Lead to a rise in a firms long-run average costs	Diseconomies of Scale
A large number of small suppliers, none of which is large enough to dominate the market (MS)	Perfect competition

Hint	Answer
When there is a wide-ranging agreement among several firms in a market	Cartel
When an economy is allocating scarce resources to meet society's wants and needs (P=MC) (Eff)	Allocative
How easy it is for new firms to enter an industry/market	Contestability
Costs of production which are not recoverable if a firm leaves the market	Sunk Costs
Focusses on the change in choice and quantity over time; linked with innovation (Eff)	Dynamic
When AR < AC causing firms to leave the market	Subnormal profit
Costs that do not change with output	Fixed cost
A small number of large firms produce most of the output of an industry (MS)	Oligopoly
A formal agreement - when firms agree to fix prices and quantity (illegal in EU, UK and US) (Collusion)	Overt
A large number of small suppliers producing non-homogenous goods so have some price setting power (MS)	Monopolistic Competition
Costs that are dependant on output	Variable cost
Informal agreement - firms monitor one another and copy each others actions (Collusion)	Tacit
Fixed cost + Variable cost	Total cost

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