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Syllabus 1.5
Theory of the Firm Introduction
Types of Market Structure
Dictionary 1.5 Theory of the Firm Dictionary:
Foodie on Perfect
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Is monopoly bad ?
What are the key objectives of firms?
Costs
Dictionary 1.5 Theory of the Firm Dictionary:
11. Economies of scale 12 Diseconomies of scale 13 Increasing returns to scale 14 Decreasing returns to scale 15 Constant returns to scale 16 Average output 17 Marginal output 18 Fixed factors of production 19 Variable factors of production 20 Variable costs Foodie on Monopolistic
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Revenues
Dictionary 1.5 Theory of the Firm Dictionary:
21 Fixed costs 22 Average costs 23 Marginal costs 24 Average fixed costs 25 Average variable costs 26 Average total costs 27 ‘U’ shaped average cost curve 28 Profit maximising equilibrium 29 Supernormal profit 30 Accounting profit Foodie on Oligopoly
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4 Models of Competition
Dictionary 1.5 Theory of the Firm Dictionary:
31 Normal profit 32 Profit maximising equilibrium 33 Profit maximising level of output 34 barriers to entry 35 kinked demand curve 36 price discrimination 37 natural monopoly 38 price ‘taker’ 39 price ‘maker’ 40 collusion 41 cartel 42 shut down price /break even point Foodie on Monopoly
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Hall of Fame
