Miscellaneous Quiz / Economics Unit 3 Defintions

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Can you write the correct economic term for each of these definitions?

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DefinitionAnswer
Workers lack the appropriate skills for new jobs
Assets owned by society as a whole via the government
Firm does not operate at minimum cost, often due to lack of competition
Firm with large market share purchases factor inputs in bulk at negotiated discounted prices
Firm charges different prices for the same good/service for different quantities
Production up to the point where marginal revenue equals zero
Degree of market share controlled by a specified number of companies
Additional quantity of output produced by an addtional unit of labour input
Market structure which produces allocative and productive efficiency in the long run
Producing at the lowest point on the average cost curve
Costs which change with the level of output
Decrease in average cost following increase in range of output
Merger between firms in different industries
Additional cost of producing an additional unit of output
Additional variable factor input results in a decreasing rate of output
Firm shuts down immediately because average revenue is lower than average variable costs
Marginal benefit exceeds marginal cost of marginal user
Method of modeling strategic interaction between oligopoly firms
Firms are given aims to achieve with penalites applied if they do not
Increase in average cost following increase in scale of production
Short run costs which cannot be recovered if the firm shuts down
Problem arising when managers make decisions which do not adhere to the objectives of shareholders
Service or private venture is funded and operated by a partnership between the government and the private sector
Market with very few sellers in which each firm must take account of the behaviour of rivals
Legal sanctions in a market enforced by government
Additional revenue gained by selling an additional unit of output
CR1=25%
A firm merges with another at the previous stage below in the production process of the same industry
A price floor in the labour market guaranteeing workers a minimum hourly rate
Informal agreement between oligopoly firms to fix prices or supplies
DefinitionAnswer
Theory stating demand for labour depends on marginal revenue gained from employing an additional unit against its marginal cost
Long-run average costs remain constant following increase in output
Behaviour under which managers aim to produce satisfactory results for shareholders rather than the maximum possible
Same marketing budget spread across larger output
Market in which there is a single buyer
Firm which must accept whatever price is set in the market as a whole
Cutting prices below AVC in the short run to force out competition
Additional revenue received following an addtitional unit of labour input
Costs which do not change with the level of output
Private sector provides and operates an asset in the public sector in return for an annual payment from the state
Upper limit placed on the annual price increase a monopoly can impose
Measures intended to promote competition in markets
Decrease in average cost following an increase in the size of the industry of the firm
Regulators are too close to firms and may work to benefit them
Workers cannot or do not relocate elsewhere to take advantage of job opportunities
Greater size leads to more favourable credit rating and thus cheaper credit
Price cap of price level minus any efficiency gain the regulator deems necessary
A firm merges with another at the next stage up in the production process of the same industry
Funds to employ specialists to improve efficiency
Price cap of price level plus additional capital expenditure determined by regulator
Total cost / quantity produced
Internal growth via reinvestment of profits
Merger between two firms at the same stage of production in the same industry
Organisation which brings together factors of production to produce an output of greater value
Firm splits apart into two or more smaller firms
Highest price a firm can set to discourage other firms from entering the market
Only one producer in industry
Non-financial benefits offered to workers
Minimising legal sanctions in a market enforced by the state
Fixed profit level with any excess taxed at 100%
DefinitionAnswer
Total revenue / quantity
Demand for labour is determined by the demand for what labour produces
Firm charges different prices for the same good/service to different demographics
Industry with such economies of scale and sunk costs that the costs of creating competition outweigh the benefits
Characteristic of a market preventing new entrants from joining the market
Bringing private assets under the public ownership of the state
Decrease in average cost following an increase in scale of production
Sacrifice efficiency now for greater efficiency in future as a result of innovation
Quantity sold * price
Decrease in average cost following expansion of firm
Production up to the point where marginal cost equal marginal revenue and marginal revenue is rising
Minimum necessary to cover opportunity cost of keeping resources in their current use
Situation where no player, having assessed the strategies of others, has anything to gain by changing their own
Price is equal to marginal cost and thus welfare is maximised
Curve whose gradient is determined by levels of marginal productivity
Public body which investigates mergers and monopolistic practices in the UK
Profit exceeding normal profit which should act as signal for other firms to enter the industry
Production up to the point where average cost equals average revenue
Normal business with characteristics of monopoly and perfect competition
Assets owned by individuals or groups
Curve whose gradient is determined by (dis)economies of scale
Dominant oligopoly firms form cartel which occupies monopoly power
Lamentable transfer of a business, industry, or service from public to private ownership and control
Funds to buy expensive and specialist capital machinery and/or specialisation of workforce reduces average cost
Firm(s) cut prices following another firm cutting their prices
Measure of barriers to entry, levels of supernormal profit and sunk costs in a market
One or more firm(s) producing the same good or service
Level of output at which average costs stop falling as output increases
Agreement between firms on price and output with intention of maximising joint profits
Proportion of population in or seeking work

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