CCEA A-Level Economics A2 1 Business Economics overview quiz quiz
15questions. Pick an answer and you'll see why right away.
In the short run, a fixed cost is best described as a cost that:
The law of diminishing marginal returns applies:
Which of the following is an example of a purchasing economy of scale?
A firm maximises profit at the output where:
A brewery buying a chain of pubs is an example of:
Which objective involves a firm aiming for a satisfactory rather than maximum outcome to balance stakeholders?
In perfect competition, a firm's demand curve is:
Why can a monopoly sustain supernormal profit in the long run?
Compared with perfect competition, a monopoly facing the same costs will:
Firms in monopolistic competition earn only normal profit in the long run because:
The defining feature of an oligopoly is:
In the prisoner's dilemma applied to a cartel, both firms tend to:
Which is a necessary condition for successful price discrimination?
The demand for labour is described as a derived demand because labour is:
A trade union raising wages against a monopsony employer can: