Economics - Microeconomics

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  • Created by: Zoe_Wood
  • Created on: 28-01-19 14:09

1. What are the 3 characteristcs required to ensure perfectly competitive firms?

  • Price-takers, Individualism, Long-run normal profit
  • Atomisitc markets, Perfect conumer information, Homogeneous product
  • Free market, no entry barriers, no government intervention
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2. In an Oliogopoly what causes an elastic response?

  • When consumers respond to an increase in cost
  • When other firms do not respond to a rivals increase in price
  • When other firms respond to a rivals increase in price

3. What does PED stand for

  • Price elasticity of demand
  • Price equality and demand
  • Perfect equality in demand

4. What is a Monopoly?

  • One firm that is the supplier of a product in the market
  • A board game - nothing to do with economics
  • When a few firms have the power over the market

5. What is a free market?

  • One that is free of Government Intervention
  • One that firms do not have to pay to join
  • Another name for the world market
  • One that concentrates on government supplys such as NHS and National Service
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