Microeconomics

Table of Contents

1. Topic pack - Microeconomics - introduction
2. 1.1 Competitive Markets: Demand and Supply
3. 1.1 Competitive Markets: Demand and Supply - notes
4. 1.1 Competitive markets - questions
5. 1.1 Competitive markets - simulations and activities
6. 1.2 Elasticities
7. 1.2 Elasticities - notes
8. Section 1.2 Elasticities - questions
9. Section 1.2 Elasticities - simulations and activities
10. 1.3 Government intervention
11. 1.3 Government Intervention - notes
12. 1.3 Government intervention - questions
13. 1.3 Government intervention - simulations and activities
14. 1.4 Market failure
15. 1.4 Market failure - notes
16. Section 1.4 Market failure - questions
17. Section 1.4 Market failure - simulations and activities
18. 1.5 Theory of the firm
19. 1.5 Theory of the firm - notes (HL only)
20. Section 1.5 Theory of the firm - questions
    1. Short-run - numerical
    2. Short-run - short-answer
    3. Long-run - short answer
    4. Cost theory - numerical
    5. Cost theory - short-answer
    6. Costs and cost curves - self-test questions
    7. Revenues - numerical
    8. Profit maximisation - short answer
    9. Revenue and profit - self-test questions
    10. Perfect competition - numerical
    11. Perfect competition - short answer
    12. Perfect competition - self-test questions
    13. Monopoly and oligopoly - short answer
    14. Monopoly - short answer
    15. The model of monopoly - self-test questions
    16. Economic efficiency - short answer
    17. Oligopoly - short answer
    18. Price discrimination - short answer
    19. Theory of firm - essay
    20. The big giveaway
    21. Fixing it transparently
21. Section 1.5 Theory of the firm - simulations and activities
22. Print View

Monopoly and oligopoly - short answer

Monopoly and oligopoly - introduction

Question 1

Explain the difference between a monopoly industry and an oligopoly.

Question 2

Examine the factors that might give a firm a degree of monopoly power in a market consisting of several suppliers.

Question 3

What are barriers to entry? Why do monopoly suppliers spend so much time in establishing and maintaining them?

Question 4

Evaluate the following proposition:

'All monopolies are bad for the consumer and the economy, therefore they should be strictly controlled'.

Question 5

A car is a car! How do car companies compete effectively?

Question 6

Why do some industries, like the manufacture of aircraft engines, become highly concentrated, but the market for meals (restaurants) remains highly fragmented?

Question 7

Explain the differences between internal and external growth.

Question 8

Why do firms try to expand and grow?

Question 9

Explain the differences between a price taker and a price setter (maker).

Question 10

What factors affect the ability of a firm to expand?

Question 11

From where does a firm derive monopoly power?

Question 12

Many firms exist in the business world that operate in two sectors of the market, but very few operate in all three (primary, secondary and tertiary). Suggest why this is so.

Question 13

Describe the various ways in which firms compete to increase their market share

Question 14

Is such competition (see question 13) always in the interest of the consumers?