Quick Revision Quiz

Describe and draw the effect on equilibrium diagram of: Less Supply
Draw an LRAC curve and label Economies of Scale, Diseconomies of Scale, and Minimum Efficient Scale.
Define GDP
What are the factors that can lead to a change in demand?
Loyalty Schemes: why is this a barrier to entry?
What is the difference between risk and uncertainty?
What are the surd laws?
Define the term: Net Exports
Without intervention, a market will produce where Marginal ________ Costs = Marginal ________ Benefits
What are common reasons for Government Failure to occur?

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