2.1-2.9 0.0 / 5 ? EconomicsMarketsMonopoly and monopoly powerDemandThe demand curvePEDSupplyPESDetermination of price in competitive markets (1)Determination of price in competitive markets (2)GCSEOCR Created by: AshvaryaCreated on: 19-11-14 18:52 28975314106 Across 1. the quantity buyers are willing and able to buy at a given price in a given period of time. (6) 5. Complementary goods are goods that are in joint demand - if you buy one, you will need to buy the other e.g. a DVD player and DVDs. (11) 6. The quantity demanded changes at a lesser rate than price ( (9, 6) 8. goods for which demand falls when income rises. For example, bus journeys. As people's incomes rise, they can afford to buy their own vehicles and the demand for bus journeys falls. (8, 5) 9. The quantity supplied changes at a greater rate than price (>1) (7, 6) 10. the quantity a producer is willing and able to produce at a given price in a given period of time (6) Down 2. for demand to be effective, a consumer must be both willing and able to buy the good or service. 'Willing' means they want it and 'able' means they have the money to buy it e.g. if you want a bike that costs £500 and have £500 to spend. (9, 6) 3. A price set above the equilibrium and the price is not allowed to go below it (7, 5) 4. a situation where there is only one firm selling in a market. For example, before 2006, Royal Mail was a monopoly. (8) 7. when a firm has more than 25% of the market share. Tesco has a legal monopoly in the supermarket industry, holding approx 31% of the total market share. (8, 5)
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