A2 Economics Unit 3 Edexcel Quiz

Quiz! How many will u get right..?

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...and Good Luck! :)

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  • Created by: Econ123
  • Created on: 29-12-10 18:12
What type of integration exists between Morrisons and Safeways?
Horizontal
1 of 8
Why does marginal cost decrease and then rise (shaped like a Nike tick)?
Because of law of diminishing marginal returns
2 of 8
What is marginal revenue?
Revenue gained from selling one extra unit
3 of 8
When output rises, and the cost per unit decreases this is known as:
Economies of Scale
4 of 8
When MC<AC..
AC is falling
5 of 8
What is the MAIN objective of a firm (unless othwerise stated)
Profit Max
6 of 8
When does Sales Max occur and why?
AC=AR to increase brand loyalty
7 of 8
When would the Competition Commission investigate a merger?
If the merger goes against public interest (reduces consumer welfare)
8 of 8

Other cards in this set

Card 2

Front

Why does marginal cost decrease and then rise (shaped like a Nike tick)?

Back

Because of law of diminishing marginal returns

Card 3

Front

What is marginal revenue?

Back

Preview of the front of card 3

Card 4

Front

When output rises, and the cost per unit decreases this is known as:

Back

Preview of the front of card 4

Card 5

Front

When MC<AC..

Back

Preview of the front of card 5
View more cards

Comments

olibamps

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brilliant mush

leticia

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really helpfula nd useful

Sophie Bunce

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Question 9 is confusing, because it could refer to sales revenue maximisation or sales volume maximisation. 

ezioaudi77

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This quiz is quite well prepared, and thank you for the effort :)

@Sophie Bunce,  sales volume maximisation  is usually sales maximisation (where AR=MC), and what you thought was sales revenue maximisation is generally revenue maximisation (where MR=0).

It is important not to confuse them. :)

JuliusGREEN

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very nice... would like some new stuff though.... 

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