​HL2020: RATIONAL PRODUCER BEHAVIOR

  Humanities Website
  • Middle School
    • Pride, Unity and Respect Inquiries >
      • November - Native American Heritage Month
    • Assessment in Middle School Humanities
    • Parent support Materials
    • Year 9 Humanities >
      • An Introduction to Year 9 Humanires
      • Year 9 Geography >
        • Is Development a good thing? >
          • How can development be measured?
          • Why are some countries LEDCs?
          • Can the development gap be reduced?
          • What are the issues in MEDCs? Case study Japan
        • How can we ensure responsible consumption and production? >
          • The chocolate trade
          • What is the real cost of fashion?
          • The circular economy
          • Dragon's Den Assessment
        • Extreme Environments >
          • How do people live in cold environments?
          • The Sirius Patrol: Surviving in Extreme Environments
          • Mt Everest
          • Deserts
      • Year 9 History >
        • Teacher Documents
        • 1. EAST MEETS WEST >
          • 1A. WHY DO CIVILISATIONS EXPAND?
          • 1.B THE ROLE OF POLITICAL UNITY AND TRADE
          • 1.C THE ROLE OF TRADE
          • 1.D THE ROLE OF THE INDIVIDUAL
          • 1.E THE FIRST CRUSADE
          • 1E. ASSESSMENT: THE BENEFITS OF INTERCONNECTEDNESS OUTWEIGH THE COSTS TO HUMANITY' EVALUATE THIS STATEMENT IN REFERENCE TO THE PERIOD 250AD-1250AD
        • 2. THE NEW WORLD >
          • Ancient civilizations of the Americas
          • The conquest of the Americas
          • WHAT MADE THOMAS CLARKSON SO ANGRY?
        • THE TWENTIETH CENTURY RESEARCH PROJECT
        • 4. THE BIG IDEA: WHY WAS THE FIRST 50 YEARS OF THE 20TH CENTURY THE MOST VIOLENT? >
          • 4.A FIRST GLOBALIZATION 1750-1914
          • 4.B LONG WAR 1914-1990
        • YEAR 9 END OF YEAR ASSESSMENT
    • Year 8 Humanities >
      • Topic 1: Where is the riskiest place to live in the USA? >
        • What makes a disaster?
        • Hazard, Risk or Disaster?
        • Population patterns USA
        • Hazard 1: Hurricanes >
          • Case Study 1: Harvey 2017
          • Case Study 2: Michael 2018
          • Case Study 3: Hurricane Season 2021
        • Hazard 2: Tornadoes >
          • Case Study 2: Moore Tornado
        • Hazard 3: Tectonics in the USA >
          • Case Study 3
        • Hazard 4: Wildfires
        • Hazards Final Assessment
      • Topic 2: The Changing Story of Power >
        • Part 1: From King to Parliament >
          • Case Study: English Kings
          • Could Kings do what ever they wanted?
          • The growth of Parliament
          • The Reformation
          • Charles I
        • Part 2: From Parliament to People >
          • The Enlightenment
          • The American War of Independence
          • Why were the French so Angry?
          • How did the Enlightenment affect Britain?
          • The Fight for Women's Rights
          • Did the militant actions of the Suffragettes help or hinder the cause of votes for women?
          • Why did women win the vote?
        • Assessment >
          • Revision of Turning Points
      • Topic 3: How can we become positive change makers? >
        • Our World in 2045
        • What are the long-term causes of climate change?
        • The Industrial Revolution and climate
        • significant Inventions
        • Costs and benefits of Industrialization
        • The enhanced Greenhouse effect
        • The impact of climate change
        • Is the World that bad?
        • What is the problem with plastic?
        • How can we manage climate change?
        • Earth Day
        • Mitigation and adaptation strategies
        • Protest as a means of change
        • Change maker project
        • Y8: Model United Nations
    • Year 7 Humanities >
      • Year 7 Geography >
        • Biomes
        • Microclimate Investigation
        • How did the impacts of the Haiti and Japanese earthquake compare?
        • Topic 2 Migration
        • Geography in the news
      • Year 7 History >
        • 1. The Ancient World >
          • a. Prehistoric Life >
            • Middle School History
          • b. Egypt or Rome? >
            • Historical Enquiry - Comparing Ancient Societies
            • Ancient Egypt
            • Ancient Rome
          • Assessment
        • 2. The Medieval World >
          • "Muck and Misery" Investigation
          • Medieval Guidebook Assessment
          • Medieval Baghdad
        • 3. The American West >
          • Native American Culture
          • The First Settlers
          • Pioneers
          • Cowboys and cow towns
          • Impact of settlement on the Native Americans
          • Assessment
        • 4. The Industrial World >
          • The Urban Game
        • 5. Civil Rights
        • 8 . Digital Library
  • HS Geography
    • IB Geography >
      • Introduction to IB Geography
      • Paper 1- Geographic Themes >
        • Urban Environments >
          • Urban sections 1-3
          • Sustainable Cities
        • Leisure, sport and Tourism >
          • Introduction to Leisure, sport and tourism
          • A global sporting event- The Olympics
          • Managing Rural Tourism Hotspots
          • Managing urban tourism hotspots
          • Tourism as a development strategy
          • Sustainable tourism
          • Variations in Sphere of Influence
          • The impact of Rural festivals
        • Geophysical Hazards >
          • Earthquakes
          • Volcanoes
          • Landslides
      • Paper 2: Geographic perspectives >
        • Changing populations >
          • Population density
          • Processes of population change >
            • Megacities
            • Forced migration
          • Possibilities of population change >
            • Aging population
            • Population policies
            • Gender Equality
            • Human trafficking
            • Demographic dividend
          • Debate: Should the UN curb population growth?
          • Population revision
        • Global Climate - Vulnerability and Resilience >
          • The causes of global climate change
          • Impacts of climate change
          • ​Disparities in exposure to climate change risk and vulnerability
          • GOVERNMENT LED ADAPTATION AND MITIGATION STRATEGIES
          • Civil society and corporate strategies to address climate change
        • Global resource consumption and security >
          • Global trends in consumption >
            • GLOBAL AND REGIONAL/CONTINENTAL PROGRESS TOWARDS POVERTY REDUCTION.
            • Measuring trends in global consumption
            • Patterns and trends in the availability and consumption of water
            • Global patterns and trends in the availability and consumption of land/food
            • Global patterns and trends in the availability and consumption of energy
          • Nexus thinking >
            • Two countries with contrasting levels of resource security...
            • Waste disposal and recycling
          • Resource Stewardship >
            • Divergent thinking about population and resource consumption trends
            • The circular economy
        • Infographics
      • Paper 3: Global Interactions >
        • Power, place and networks >
          • Global networks and flows
          • Global Interactions & Global Power
          • Human and physical influences on global interactions
        • HUMAN DEVELOPMENT & DIVERSITY >
          • Development opportunities
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          • Cultural Hybridity
          • Local responses to global interactions
        • Environmental risks
        • Geopolitical and economic risks
      • IB Revision- mocks 2021
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      • Extended Essay in Geography
    • New IGCSE Edexcel Geography >
      • Paper 1 - Physical Geography >
        • Hazardous Environments
      • Paper 2 - Human Geography >
        • Urban Environments
        • Economic Activity and Energy
        • Fragile Environments and Climate Change
    • IGCSE Geography >
      • Population and Settlement >
        • Population >
          • Why is population growing?
          • Population density and distribution
          • Over and Under population
          • Dependent populations
          • Population policy: One Child policy China
          • HIV and AIDs
          • Migration
          • Population revision
          • Debate: Should the UN curb population growth?
        • Settlement >
          • Settlement and service provision
          • Urbanisation
      • Natural Environment >
        • Earthquakes and Volcanoes >
          • Plate tectonics
          • Case study of a volcano: Montserrat
          • Haiti Earthquake
          • Why do people live in hazardous areas?
          • Tectonics revision
          • REVISION- WHAT HAPPENS AT TECTONIC PLATES?
        • Rivers >
          • Hydrological characteristics and processes
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          • Benefits and threats of rivers
          • Management of rivers: Hard and Soft engineering
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        • Coasts >
          • Coastal processes
          • Coastal management
          • Different coastal environments
          • Mangroves
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          • Hurricanes- Hurricane Harvey
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          • Coastal skills
        • Weather and Climate >
          • Weather measurements
          • The Tropical Rainforest Ecosystem
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        • Industry
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        • economic development revision
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      • IGCSE Revision for mid course assessments April 2021
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  • HS Economics
    • IB ECONOMICS TEACHER PAGES >
      • Activity Styles
    • Year 10 >
      • 1.0 THE BASIC ECONOMIC PROBLEM
      • 2.0 HOW MARKETS WORK AND MARKET FAILURE
      • 3.0 THE INDIVIDUAL AS PRODUCER, CONSUMER AND BORROWER >
        • 3.3 Workers
        • 3.4 Firms
        • 3.5 Small firms and causes and forms of the growth of firms
        • 3.6 Economies and diseconomies of scale
        • 3.7 Firms costs, revenues and objectives
        • 3.8 Firms and Production
        • 3.9.5 Monopoly Markets
      • REVISION OF UNITS 1, 2 AND 3
      • SUMMER LEARNING
    • Year 11 >
      • 4.0 THE ROLE OF GOVERNMENT IN AN ECONOMY >
        • 4.1 Introduction to Macroeconomics
        • 4.1.1 The Role of Government
        • 4.2.1 Macroeconomic Aims of Government
        • 4.2.3 Economic Growth
        • 4.7 EMPLOYMENT AND UNEMPLOYMENT
        • 4.8 INFLATION
        • 4.4.0 FISCAL POLICY
        • 4.4.1 MONETARY POLICY
        • 4.1.2 SUPPLY-SIDE POLICIES AND MACROECONOMICS REVISION
      • 5.0 ECONOMIC DEVELOPMENT >
        • Top Trumps: Economic Development
        • 5.1 DIFFERENCES IN ECONOMIC DEVELOPMENT
        • 5.3.1 POVERTY
        • 5.3 POPULATION
      • 6.0 INTERNATIONAL ASPECTS >
        • 6.2 ​GLOBALISATION, FREE TRADE AND PROTECTION
        • 6.3 EXCHANGE RATES AND THE CURRENT ACCOUNT
      • iGCSE Economics Revision Sessions - May 23rd to June 1st
      • Revision Support
    • Year 12 >
      • 1. Introduction to Economics
      • 2. Microeconomics >
        • 2.A. COMPETITIVE MARKETS: DEMAND AND SUPPLY >
          • HL Demand FE 2022
        • 2.B.ELASTICITIES
        • 2.C.GOVERNMENT INTERVENTION >
          • INQUIRY: EVALUATE THE EFFECTIVENESS OF GOVERNMENT INTERVENTION IN ACHIEVING SDG 12: RESPONSIBLE CONSUMPTION AND PRODUCTION
          • HL 2020 Government intervention
        • 2.D.MARKET FAILURE >
          • To What Extent Does the American Health Care Market Represent a Market Failure?
        • HL: RATIONAL PRODUCER BEHAVIOR
        • 2.E.THE THEORY OF THE FIRM 1: PRODUCTION, COSTS, REVENUES, AND PROFIT HL
        • 2.F.THE THEORY OF THE FIRM II: MARKET STRUCTURES HL
        • Real World Examples: Theory of the Firm
      • 3. Macroeconomics >
        • 2A. THE LEVEL OF OVERALL ECONOMIC ACTIVITY
        • 2B. AGGREGATE DEMAND
        • 2C. AGGREGATE SUPPLY
        • THE MULTIPLIER (HL)
        • INFLATION
        • THE PHILLIPS CURVE (HL)
        • LOW UNEMPLOYMENT
        • EQUITY IN THE DISTRIBUTION OF INCOME
        • ECONOMIC GROWTH
        • OVERVIEW OF DEMAND-SIDE AND SUPPLY-SIDE POLICIES
        • FISCAL POLICY
        • MONETARY POLICY
        • SUPPLY-SIDE POLICIES
      • Exam Papers
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        • IA Marking Exercise
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      • SUMMER LEARNING
    • Year 13 >
      • 4. International Economics >
        • 4.A.International trade
        • 4.B.Exchange rates and the balance of payments
        • 4.C.Economics integration and the terms of trade
        • 4.D.Be ambitious resources
      • 5. Development Economics >
        • Understanding Economic Development
        • Topics in Economic Development
        • Foreign sources of finance and foreign debt
        • Consequences of economic growth and the balance between markets and intervention
      • IB Economics - Exams
      • IB ECONOMICS REVISION PAGES >
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        • 2022 MOCK EXAM
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    • What is History?
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      • Paper 1 - Prescribed Subject >
        • Military Leaders >
          • Genghis Khan 1200-1227 >
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            • Rise to Power
            • Military Might
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            • TOK - Genghis
          • King Richard I of England 1173-1199 >
            • Medieval England
            • Richard I - Life before 1189
            • Richard I - Crusader King 1190 - 1193
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          • Paper 1: Rights and Protest
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      • Paper 2 - World History Topics >
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        • Authoritarian States >
          • Theory
          • MCA Feedback and Reflection
          • Hitler >
            • Emergence and rise to power >
              • HOW MUCH HOPE WAS THERE FOR THE SURVIVAL OF THE WEIMAR REPUBLIC 1919-29?
              • HOW DID THE AIMS AND IDEOLOGY OF THE NAZI PARTY DEVELOP BETWEEN 1919-1923
              • HOW FAR DID THE CONDITIONS OF 1929-33CONTRIBUTE TO THE ESTABLISHMENT OF THE NAZI STATE?
              • WHERE DID SUPPORT FOR NATIONAL SOCIALISM COME FROM?
            • Consolidation and maintenance of power >
              • HOW DID HITLER CONSOLIDATE HIS POWER TO CREATE AN AUTHORITARIAN REGIME?
              • WHAT PART DID PERSONALITY AND PROPAGANDA PLAY IN THE CONSOLIDATION OF POWER?
              • WHAT WERE THE MAIN CHARACTERISTICS OF NATIONAL SOCIALIST GOVERNMENT?
              • WHAT WAS THE NATURE AND EXTENT OF OPPOSITION TO NAZI RULE AND HOW WAS IT DEALT WITH?
              • WHAT WAS THE IMPACT OF FOREIGN POLICY ON HITLER'S CONSOLIDATION AND MAINTENANCE OF POWER?
            • Aims and results of policies
          • Mao >
            • Emergence and Rise to Power
            • Consolidation and maintenance of power
            • Aims and results of policies
          • Castro >
            • Castro RTP
            • Castro Establisment and consolidation
            • Castro: Aims and results of policies
          • Policies In Germany and Cuba >
            • Nazi Policies - Aims and outcomes
            • Castro Policies - Aims and Outcomes
        • Independence movements 1800 - 2000 >
          • Ireland - Europe >
            • 1. The origins rise and rise of independence movements >
              • 1.a. WHAT SOCIAL AND ECONOMIC FACTORS LED TO THE DEVELOPMENT OF AN INDEPENDENCE MOVEMENT?
              • 1.b. EARLY INDEPENDENCE CAMPAIGNING - WOLFE TONE
              • 1.c. SOCIAL DIVISIONS WITHIN IRELAND
              • 1.d. ECONOMIC FACTORS
              • 1.e. WHAT POLITICAL FACTORS LED TO THE DEVELOPMENT OF AN INDEPENDENCE MOVEMENT IN IRELAND?
              • f. What external factors were important in creating an independence movement.
            • 2. Methods used and reasons for success >
              • 2. a WHAT METHODS WERE USED IN THE STRUGGLE FOR INDEPENDENCE 1867 TO 1900? >
                • 2.b.​WHY DID THE INDEPENDENCE MOVEMENT SUCCEED?
                • 2.b. WHAT WERE THE ROLES OF MICHAEL COLLINS AND EAMON DE VALERA IN THE STRUGGLE FOR INDEPENDENCE?
                • 2.c.
            • 3. Challenges faced in the first 10 years after independence; and the responses to those challenges. >
              • 3.a.
              • 3.b.
              • 3.c.
              • 3.d.
              • 3.e.
            • IRISH 'BE AMBITIOUS' RESOURCES
          • India - Asia >
            • Origin and rise of the Independence Movement >
              • 1857 and Colonial India
              • The Growth of Nationalism
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            • Methods and success of the Independence Movement >
              • Leadership in India
              • Why did India win independence?
            • Challenges facing the newly independent state
          • Cuba - The Americas >
            • origins of Cuban Independence before 1823
      • Paper 3 - History of Europe >
        • THE FRENCH REVOLUTION 1774 TO 1815 >
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          • Establishing a Constitutional Monarchy
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        • 2. Why was there stalemate on the Western Front?
        • 3. How important were other fronts?
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        • 1. Was the Weimar Republic doomed from start?
        • 2. Why was Hitler able to dominate Germany by 1934?
        • 3a. How effectively did the Nazis control Germany?
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  • YEAR 9 ​ENRICHMENT: ​GENERAL ASSEMBLY: ​CLIMATE CHANGE
  • History Digital Research Library
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  • Week 10 - Dealing with Conflict

​HL: RATIONAL PRODUCER BEHAVIOR

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WHAT: COSTS, REVENUES AND PROFITS
Understand the concept of rational producer behavior
Be aware that Neo-classical theory assumes that the aim of firms is to maximize profits

WHY: SO THAT YOU ARE ABLE TO EXPLAIN THE MARKET OUTCOMES (ALLOCATIVE EFFICIENCY AND PRODUCTIVE EFFICIENCY) OF DIFFERENT MARKET STRUCTURES 
This subtopic will start with a short introduction to market structures, before developing some fundamental theory on costs, revenues and profits that you will need for a more in-depth analysis of market structures. There are four market structures that you will learn about:
  • Monopoly
  • Oligopoly
  • Monopolistic competition
  • Perfect competition
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How happy are you when the products you buy are produced by businesses with little or no competition? 
Would you prefer many smaller firms, or fewer large firms? Under what circumstances might it be OK to have fewer firms operating?
HOW AN ECONOMIST UNDERSTANDS PROFITS (BE AWARE BM STUDENTS)
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COSTS
Define and explain the idea of economic costs
Define between explicit costs and implicit costs
Define, illustrate, calculate and give examples of short run costs
costs_2020_rev.docx
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costs_2020_rev_-_workings.docx
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law_of_diminishing_returns.docx
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REVENUES
Define, explain and illustrate total, average and marginal revenues.
Explain and illustrate the relationship between total, average and marginal revenue and price elasticity of demand.
revenues_2020-10_v2.docx
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PROFITS
  • Define and explain the measurement of profit
  • Distinguish between normal, abnormal profit and losses
  • Define, explain and illustrate the concept of profit maximisation
  • Describe alternative business objectives of firms
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​“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but of their advantages”
― Adam Smith, An Inquiry into the Nature & Causes of the Wealth of Nations, Vol 1
profits.docx
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Describing alternative business objectives of firms:
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mARKET STRUCTURES

PERFECT COMPETITION
  • ​Describe, using examples, the assumed characteristics of perfect competition: a large number of firms; a homogeneous product; freedom of entry and exit; perfect information; perfect resource mobility. 
  • Explain, using a diagram, the shape of the perfectly competitive firm’s average revenue and marginal revenue curves, indicating that the assumptions of perfect competition imply that each firm is a price taker.
  • Explain, using a diagram, that the perfectly competitive firm’s average revenue and marginal revenue curves are derived from market equilibrium for the industry.
  • Explain, using diagrams, that it is possible for a perfectly competitive firm to make economic profit (abnormal profit), normal profit (zero economic profit) or negative economic profit in the short run based on the marginal cost and marginal revenue profit maximisation rule. 
  • Explain, using a diagram, why, in the long run, a perfectly competitive firm will make normal profit (zero economic profit).
  • Explain, using a diagram, how a perfectly competitive market will move from short- run equilibrium to long-run equilibrium. 
  • Explain, using a diagram, when a loss-making firm would shut down in the short run.
  • Explain, using a diagram, when a loss-making firm would shut down and exit the market in the long run.
  • Explain the meaning of the term allocative efficiency.
  • Explain that the condition for allocative efficiency is P = MC (or, with externalities, MSB = MSC).
  • Explain, using a diagram, why a perfectly competitive market leads to allocative efficiency in both the short run and the long run.
  • Explain the meaning of the term productive efficiency.
  • Explain that the condition for productive efficiency is that production takes place at minimum average total cost.
  • Explain, using a diagram, why a perfectly competitive firm will be productively efficient in the long run, though not necessarily in the short run.

The most competitive market imaginable. Perfect COMPETITION is rare and may not even exist. It is so competitive that any individual buyer or seller has a negligible impact on the market PRICE. Products are homogeneous. INFORMATION is perfect. Everybody is a price taker. FIRMS earn only normal PROFIT, the bare minimum profit necessary to keep them in business. If firms earn more than that (excess profits) the absence of barriers to entry means that other firms will enter the market and drive the price level down until there are only normal profits to be made. OUTPUT will be maximised and price minimised. Contrast with MONOPOLISTIC COMPETITION, OLIGOPOLY and, above all, MONOPOLY.
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perfect_competiton__-_rational_producer_behavior.docx
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MONOPOLISTIC COMPETITION
  • Describe, using examples, the assumed characteristics of a monopolistic competition: a large number of firms; differentiated products; absence of barriers to entry and exit. 
  • Explain that product differentiation leads to a small degree of monopoly power and therefore to a negatively sloping demand curve for the product.
  • Explain, using a diagram, the short-run equilibrium output and pricing decisions of a profit-maximising (loss-minimising) firm in monopolistic competition, identifying the firm’s economic profit (or loss). 
  • Explain, using diagrams, why in the long run a firm in monopolistic competition will make normal profit. 
  • Distinguish between price competition and non-price competition.
  • Describe examples of non-price competition, including advertising, packaging, product development and quality of service. 
  • Explain, using a diagram, why neither allocative efficiency nor productive efficiency are achieved by monopolistically competitive firms. 
  • Compare and contrast, using diagrams, monopolistic competition with perfect competition, and monopolistic competition with monopoly, with reference to factors including short run, long run, market power, allocative and productive efficiency, number of producers, economies of scale, ease of entry and exit, size of firms and product differentiation.
imperfect_competition_quantative.docx
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monopolistic_competition_notes.docx
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OLIGOPOLY
  • Describe, using examples, the assumed characteristics of an oligopoly: the dominance of the industry by a small number of firms; the importance of interdependence; differentiated and homogeneous products; high barriers to entry.
  • Explain why interdependence is responsible for the dilemma faced by oligopolistic firms – whether to compete or to collude.
  • Explain how a concentration ratio may be used to identify an oligopoly. 
  • Explain how game theory (the simple prisoner’s dilemma) can illustrate strategic interdependence and the options available to oligopolies. 
  • Explain the term 'collusion', give examples, and state that it is usually (in most countries) illegal.
  • Explain the term 'cartel'.
  • Explain that the primary goal of a cartel is to limit competition between member firms and to maximise joint profits as if the firms were collectively a monopoly.
  • Explain the incentive of cartel members to cheat.
  • Analyse the conditions that make cartel structures difficult to maintain. 
  • Describe the term 'tacit collusion', including reference to price leadership by a dominant firm. 
  • Explain that the behaviour of firms in a non-collusive oligopoly is strategic in order to take account of possible actions by rivals.
  • Explain, using a diagram, the existence of price rigidities, with reference to the kinked demand curve.
  • Explain why non-price competition is common in oligopolistic markets, with reference to the risk of price wars.
  • Describe, using examples, types of non-price competition.
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MONOPOLY
HOW: BE ABLE TO...Monopoly (HL):
  • Describe, using examples, the assumed characteristics of a monopoly: a single or dominant firm in the market; no close substitutes; significant barriers to entry. 
  • Describe, using examples, barriers to entry, including economies of scale, branding and legal barriers.
  • Explain that the average revenue curve for a monopolist is the market demand curve, which will be downward sloping. 
  • Explain, using a diagram, the relationship between demand, average revenue and marginal revenue in a monopoly. 
  • Explain why a monopolist will never choose to operate on the inelastic portion of its average revenue curve. 
  • Explain, using a diagram,
    • the short- and long-run equilibrium output and pricing decision of a profit maximising (loss minimising) monopolist, identifying
    • the firm’s economic profit (abnormal profit), or losses. 
  • Explain the role of barriers to entry in permitting the firm to earn economic profit (abnormal profit). 
  • Explain, using a diagram, the output and pricing decision of a revenue maximising monopoly firm. 
  • Compare and contrast, using a diagram, the equilibrium positions of a profit maximising monopoly firm and a revenue maximizing monopoly firm.
  • Calculate from a set of data and/or diagrams the revenue maximising level of output. 
  • With reference to economies of scale, and using examples, explain the meaning of the term 'natural monopoly'. 
  • Draw a diagram illustrating a natural monopoly. 
  • Explain, using diagrams, why the profit maximizing choices of a monopoly firm lead to allocative inefficiency (welfare loss) and productive inefficiency. 
  • Explain why, despite inefficiencies, a monopoly may be considered desirable for a variety of reasons, including the ability to finance research and development (R&D) from economic profits, the need to innovate to maintain economic profit (abnormal profit), and the possibility of economies of scale. 
  • Evaluate the role of legislation and regulation in reducing monopoly power. 
  • Draw diagrams and use them to compare and contrast a monopoly market with a perfectly competitive market, with reference to factors including efficiency, price and output, research and development (R&D) and economies of scale. ​

​
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inquiry: ​Does technology create more perfect or imperfect market structures?

INTRODUCTION: In this inquiry you will consider how technology will significantly change the nature of competition within markets in the immediate future. 

Technology can improve market competitions by reducing barriers to entry, for example third party vendors on Amazon marketplace or drivers who work for Uber or Lyft, it might be possible in the future for households to be less reliant on energy companies if solar panels become cheaper with improvements in technology. It can also create more imperfect markets through raising barriers to entry for example the origins of many natural monopolies are derived from the significant capital costs of technology e.g. 20th century railways or power stations. Further, as technology costs rise it is possible that more and more firms will consolidate into larger firms through merger to take advantage of the Economies of Scale enjoyed by larger firms. What will be the consequences for competition? What will be the consequences for market outcomes and how will the new technological landscape affect consumers and society more broadly?
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  • Middle School
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