ECON3 4.0 / 5 based on 2 ratings ? EconomicsCompetitive marketsMonopolyProduction and efficiencyThe company, revenue and costsA2/A-levelAQA Created by: ZoeCreated on: 21-05-15 18:11 36824191075 Across 1. Obstacles that stop new firms entering a market (8, 2, 5) 4. Period of time during which all factors become variable and the scale of output can change (4, 3) 5. Period during which fixed costs and the scale of production remain fixed (5, 3) 6. Setting a price so low that other firms will not enter the industry (5, 7) 7. Where a firm chooses its level of output where marginal revenue = marginal costs (6, 3) Down 2. All products are the same irrespective of who makes them (10) 3. The output added by the extra worker or unit of a factor (8, 7) 8. This corresponds to the lowest point on the long-run average total cost curve A.K.A.....The output of long-run productive efficiency (3) 9. Costs of production that do not vary as output changes (5, 5) 10. When total income / revenue for a firm is greater than total costs (7)
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