REINFORCEMENT MARKET STRUCTURES
Start
02
What market structure is the picture most likely representing?
Flip card
02
PERFECTLY COMPETITIVE MARKET STRUCTURE
I knew it! Let's move forward
I didn't know... Let's do it again
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TRUE OR FALSE The p.c.m firm is a price maker.
Flip card
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
False It is a price taker.
I knew it! Let's move forward
I didn't know... Let's do it again
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TRUE OR FALSE The demand curve for the perfectly competitive industry is downward sloping
Flip card
02
TRUE The industry (market) demand curve is downward sloping.
I knew it! Let's move forward
I didn't know... Let's do it again
02
The diagram below shows profit maximisation for the PCM FIRM
Flip card
02
Flip card
01
REINFORCEMENT SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TRUE
I knew it! Let's move forward
I didn't know... Let's do it again
03
The graph shows a pcm firm making normal profit
Flip card
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
FALSE. At profit maximisation AVC=AR. This is the shut-down price!
I knew it! Let's move forward
I didn't know... Let's do it again
03
EXTENSION SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
The diagram shows a monopolistically competitive firm in the LR.
Flip card
02
TRUE OR FALSE The only market structure where there is allocative efficiency is the p.c.m.
Flip card
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TRUE P=MC at the profit maximisation output level
I knew it! Let's move forward
I didn't know... Let's do it again
02
TRUE It shows a monopolistically competitive firm in the long run which can only make normal profit
I didn't know... Let's do it again
I knew it! Let's move forward
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TRUE OR FALSE A key feature of the monopolisitcally competitive firm is interdependence.
Flip card
02
FALSE PRODUCT DIFFERENTIATION IS THE KEY FEATURE.
I didn't know... Let's do it again
I knew it! Let's move forward
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TRUE OR FALSE Tacit collusion is when firms collude secretly or covertly
Flip card
01
TRUE This type of collusion is often implied by what the firms do informally.
I didn't know... Let's do it again
I knew it! Let's move forward
02
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TRUE OR FALSE OPEC is an example of implicit or tacit collusion.
Flip card
01
FALSE OPEC is an example of explicit or overt collusion.
I knew it! Let's move forward
I didn't know... Let's do it again
01
I didn't know... Let's do it again
I knew it! Let's move forward
01
REINFORCEMENT SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
I didn't know... Let's do it again
I knew it! Let's move forward
03
EXTENSION SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
Lorem ipsum dolor sit amet
Let's start the deck again
I didn't know... Let's do it again
I knew it! Let's move forward
01
REINFORCEMENT SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
I didn't know... Let's do it again
I knew it! Let's move forward
02
Flip card
02
Flip card
03
EXTENSION SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
Lorem ipsum dolor sit amet, consectetur adipiscing elit?
Flip card
03
EXTENSION SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
Lorem ipsum dolor sit amet
Let's start the deck again
I didn't know... Let's do it again
I knew it! Let's move forward
BYE, BYE
DECK TO REVIEW INA FEW HOURS
Review now