Lou Brown

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wage determination in imperfect labour markets

price discrimination


objectives of firms

is monopoly bad?

kinked demand curve theory

tariffs and protectionism

Phillips Curve

Quotas and protectionism

monopolistic competition

Keynesian Vs Monetarist on the LRAS curve

producer surplus

absolute and comparative advantage

consumer surplus


free trade and protectionism

equilibrium in perfect competition

contestable market theory

Y2/IB 3) Short Run Cost Curves - Marginal Cost and Average Cost

Y2/IB 1) Law of Diminishing Returns

Y2/IB 2) Fixed and Variable Costs - TFC, AFC,TVC and AVC

A2/IB Why is Average Cost shaped the way it is?

A2/IB Why is MR twice as steep as AR?

Y2/IB 7) Revenue Curves - Average and Marginal Revenue in Perfect and Imperfect Competition

A2/IB Why does MC cut AC at its lowest point?

Y2/IB 11) Barriers to Entry and Exit (Sources of Monopoly Power)

A2/IB Why is Allocative Efficiency where P=MC?

A2/IB Why is MR=0 Revenue Maximisation?

A2/IB Why is MC=MR Profit Maximisation?

Y2/IB 10) Objectives of Firms - Profit Max, Rev Max, Sales Max, Satisficing