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PEARSON EDEXCEL GCE A-LEVEL ECONOMICS 6EC03/01 ADVANCED UNIT 3 BUSINESS ECONOMICS AND ECONOMIC EFFICIENCY JUNE 2024 EXAM (AUTHENTIC MARKIN SCHEME ATTACHED)£6.57
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, Section A: Answer ALL the questions in this section.
You should spend 35 minutes on this section. Use the data to support your
answers where relevant. You may annotate and include diagrams in your
answers.
1 Dairy Crest Group is a British food producer which uses a large amount of milk
in its production processes to make dairy products. In March 2013, Dairy Crest
Group bought Proper Welsh Milk, a firm which specialises in selling fresh milk.
This takeover could lead to advantages of
(1)
A horizontal integration
, 2 A cherry grower finds it impossible to influence the market price of her produce.
Which of the following conditions would most clearly indicate that she operates
in a perfectly competitive market?
(1)
A She produces at an output at which marginal cost is less than marginal revenue
B Marginal cost is equal to total cost at every level of output
C Marginal cost is equal to average cost at every level of output
D She produces at the same output in the short run as in the long run
E Average revenue equals marginal revenue at every level of
(Total for Question 2 = 4 marks)
3
*P43306A0332* Turn over
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