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...
Edexcel A Level Economics A:复习笔记3.3.2 Costs
The Relationships Between Different Types of Costs Fixed costs are costs that do not change as the level of output changes These have to be paid whether output is zero or 5000 e.g. building rent, m...
Edexcel A Level Economics A:复习笔记3.3.1 Revenue
Total, Average & Marginal Revenue Total revenue is the total value of all sales a firm incurs Average revenue is the overall revenue per unit Marginal revenue is the extra revenue received ...
Edexcel A Level Economics A:复习笔记3.2.1 Business Objectives
Profit & Revenue Maximisation Profit Maximisation Most firms have the rational business objective of profit maximisation Profits benefit shareholders as they receive dividends & also increa...
