Summary
Summary Theme 3 A Level Edexcel Economics revision notes
- Course
- Institution
Theme 3 A Level Edexcel Economics revision notes
[Show more]
Seller
Follow
harryswayne10
Content preview
A Level Economics Theme 3 Revision NotesWhen a firm is operating at:
• Price = Marginal cost, it’s allocatively efficient
• Minimum efficient scale, it’s productively efficient
Factors influencing the number (and behaviour) of firms in any given market:
• How much information (eg. about prices, recipes, technology) firms have about the
• The number and size of firms already in the market
• How easy it is for new firms to enter the market (barriers to entry)
• The extent to which the product from all firms in the market is viewed by consumers as the same
(homogenous)
• How much the decisions of one firm affect the others in the market (interdependence)
A spectrum of possible market structures
1. The number and size of firms in the market
a. One firm only - a monopoly
b. A market in which a small number of large firms together dominate the market - an oligopoly
c. A market dominated by small firms with limited ability to influence prices - monopolistic
competition
d. A large number of small firms where none are able to dominate the market or influence prices -
perfect competition
Measuring market share: Market concentration
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller harryswayne10. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.32. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
