Product and Output – The Firm

EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures

Identifies factors of production, fixed capital items, meaning of U-shaped marginal cost curve, market structures, features of free competition, and factors determining firm total cost.

Question

ai) Name the main factors of production. (2 marks)

aii) Name any four fixed capital items. (2 marks)

b) What does the U-shaped curve of the marginal cost (MC) indicate? (4 marks)

c) Name the main distinct market structures. (4 marks)

d) Mention two features of free competition. (4 marks)

e) Name any two factors that determine the total cost of any firm (4 marks)

(Total marks:20)

Answer

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Tags: factors of production, Fixed Capital, free competition, marginal cost curve, Market Structures, total cost determinants
Level: Level 1

Topic: Product and Output – The Firm
Series: APR 2023

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

Question

(a) What is a Perfect Competitive Market in Economics? [2 marks]

(b) Identify three (3) features of Perfect Competition. [6 marks]

(c) Assuming a competitive firm’s Price (P) is GHC12, Average Total Cost (ATC) is GHC13, Average Variable Cost (AVC) is GHC10, and Quantity Supplied (QS) is 25. Calculate the firm’s Profit level and explain why it should or should not shut down in the short run. [6 marks]

(d) Explain the term Oligopoly as a Market Structure. [2 marks]

(e) What is Price Ceiling? Mention two (2) effects of Price Ceiling? [4 marks]

(Total: 20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Features of Competition, Oligopoly, Perfect competition, Price Ceiling, Profit Calculation, Shutdown Decision
Level: Level 1

Topic: Product and Output – The Firm
Series: APR 2024

EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures

Identifies factors of production, fixed capital items, meaning of U-shaped marginal cost curve, market structures, features of free competition, and factors determining firm total cost.

Question

ai) Name the main factors of production. (2 marks)

aii) Name any four fixed capital items. (2 marks)

b) What does the U-shaped curve of the marginal cost (MC) indicate? (4 marks)

c) Name the main distinct market structures. (4 marks)

d) Mention two features of free competition. (4 marks)

e) Name any two factors that determine the total cost of any firm (4 marks)

(Total marks:20)

Answer

Find Related Questions by Tags, levels, etc.

Tags: factors of production, Fixed Capital, free competition, marginal cost curve, Market Structures, total cost determinants
Level: Level 1

Topic: Product and Output – The Firm
Series: APR 2023

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

Question

(a) What is a Perfect Competitive Market in Economics? [2 marks]

(b) Identify three (3) features of Perfect Competition. [6 marks]

(d) Explain the term Oligopoly as a Market Structure. [2 marks]

(e) What is Price Ceiling? Mention two (2) effects of Price Ceiling? [4 marks]

(Total: 20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Features of Competition, Oligopoly, Perfect competition, Price Ceiling, Profit Calculation, Shutdown Decision
Level: Level 1

Topic: Product and Output – The Firm
Series: APR 2024

Topic: Product and Output – The Firm

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EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures

Identifies factors of production, fixed capital items, meaning of U-shaped marginal cost curve, market structures, features of free competition, and factors determining firm total cost.

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures

Identifies factors of production, fixed capital items, meaning of U-shaped marginal cost curve, market structures, features of free competition, and factors determining firm total cost.

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

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EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures

Identifies factors of production, fixed capital items, meaning of U-shaped marginal cost curve, market structures, features of free competition, and factors determining firm total cost.

You're reporting an error for "EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures"

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

You're reporting an error for "EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls"

EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures

Identifies factors of production, fixed capital items, meaning of U-shaped marginal cost curve, market structures, features of free competition, and factors determining firm total cost.

You're reporting an error for "EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures"

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

You're reporting an error for "EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls"

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