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style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35118/unit-2111-market-power-theory-of-production-and-costs-hl.html" title="Unit 2.11(1) Market power - Theory of production and costs (HL)">Unit 2.11(1) Market power - Theory of production and costs (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35125/unit-2112-market-power-perfect-competitionhl.html" title="Unit 2.11(2) Market power - Perfect competition(HL)">Unit 2.11(2) Market power - Perfect competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35147/unit-2113-market-power-monopolyhl.html" title="Unit 2.11(3) Market power - Monopoly(HL)">Unit 2.11(3) Market power - Monopoly(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35151/unit-2114-market-power-monopolistic-competitionhl.html" title="Unit 2.11(4) Market power - Monopolistic competition(HL)">Unit 2.11(4) Market power - Monopolistic competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35153/unit-2115-market-power-oligopolyhl.html" title="Unit 2.11(5) Market power - Oligopoly(HL)">Unit 2.11(5) Market power - Oligopoly(HL)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41603/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43378/opportunity-cost-and-production-possibility-curves.html" title="Opportunity cost and production possibility curves">Opportunity cost and production possibility curves</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42559/demand-theory.html" title="Demand theory">Demand theory</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41886/the-price-mechanism.html" title="The price mechanism">The price mechanism</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43188/market-demand-and-supply.html" title="Market demand and supply">Market demand and supply</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41705/demerit-goods.html" title="Demerit goods">Demerit goods</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42275/market-failure-and-climate-change.html" title="Market failure and climate change">Market failure and climate change</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42925/market-power.html" title="Market power">Market power</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42099/applying-game-theory.html" title="Applying game theory">Applying game theory</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34407/chapter-3-macroeconomics.html" title="Chapter 3: Macroeconomics">Chapter 3: Macroeconomics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34355/unit-311-measuring-the-level-of-economic-activity.html" title="Unit 3.1(1): Measuring the level of economic activity">Unit 3.1(1): Measuring the level of economic activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34432/unit-312-measuring-economic-development.html" title="Unit 3.1(2): Measuring Economic Development">Unit 3.1(2): Measuring Economic Development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34485/unit-321-variations-in-economic-activity-aggregate-demand-ad-.html" title="Unit 3.2(1): Variations in economic activity - aggregate demand (AD) ">Unit 3.2(1): Variations in economic activity - aggregate demand (AD) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34487/unit-322-variations-in-economic-activity-aggregate-supplyas.html" title="Unit 3.2(2): Variations in economic activity - aggregate supply(AS)">Unit 3.2(2): Variations in economic activity - aggregate supply(AS)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34758/unit-331-macroeconomic-objectives-economic-growth.html" title="Unit 3.3(1) Macroeconomic objectives: economic growth">Unit 3.3(1) Macroeconomic objectives: economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34771/unit-332-macroeconomic-objectives-unemployment-.html" title="Unit 3.3(2) Macroeconomic objectives: unemployment ">Unit 3.3(2) Macroeconomic objectives: unemployment </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34778/unit-333-macroeconomic-objectives-inflation-and-deflation--1.html" title="Unit 3.3(3) Macroeconomic objectives: inflation and deflation ">Unit 3.3(3) Macroeconomic objectives: inflation and deflation </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34925/unit-341-economics-of-inequality-and-poverty-1.html" title="Unit 3.4(1) Economics of inequality and poverty">Unit 3.4(1) Economics of inequality and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34946/unit-342-policies-to-improve-equality-equity-and-poverty.html" title="Unit 3.4(2) Policies to improve equality, equity and poverty">Unit 3.4(2) Policies to improve equality, equity and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34993/unit-35-government-management-of-the-economy-monetary-policy-1.html" title="Unit 3.5 Government management of the economy – monetary policy">Unit 3.5 Government management of the economy – monetary policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34962/unit-36-government-management-of-the-economy-fiscal-policy-1.html" title="Unit 3.6 Government management of the economy – fiscal policy">Unit 3.6 Government management of the economy – fiscal policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35017/unit-371-market-based-supply-side-policies--1.html" title="Unit 3.7(1) Market based supply-side policies ">Unit 3.7(1) Market based supply-side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35018/unit-372-interventionist-supply-side-policies-.html" title="Unit 3.7(2) Interventionist supply-side policies ">Unit 3.7(2) Interventionist supply-side policies </a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45803/economics-real-world-examples-and-extension-material--1.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42639/measuring-economic-well-being-1.html" title="Measuring economic well-being">Measuring economic well-being</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43044/inflation.html" title="Inflation">Inflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42350/inequality.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41639/inequity-1.html" title="Inequity">Inequity</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../35414/chapter-4-the-global-economy.html" title="Chapter 4: The Global Economy">Chapter 4: The Global Economy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35346/unit-41-benefits-of-international-trade-1.html" title="Unit 4.1 Benefits of international trade">Unit 4.1 Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35348/unit-4243-trade-protectionism-1.html" title="Unit 4.2/4.3 Trade protectionism">Unit 4.2/4.3 Trade protectionism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35407/unit-44-economic-integration-.html" title="Unit 4.4 Economic integration ">Unit 4.4 Economic integration </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35409/unit-45-exchange-rates-1.html" title="Unit 4.5 Exchange rates">Unit 4.5 Exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35413/unit-46-balance-of-payments--1.html" title="Unit 4.6 Balance of payments ">Unit 4.6 Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35675/unit-47-sustainable-development.html" title="Unit 4.7 Sustainable development">Unit 4.7 Sustainable development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35685/unit-48-measuring-development--1.html" title="Unit 4.8 Measuring development ">Unit 4.8 Measuring development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35687/unit-49-barriers-to-economic-development-1.html" title="Unit 4.9 Barriers to economic development">Unit 4.9 Barriers to economic development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35702/unit-410-economic-growth-and-economic-development-strategies.html" title="Unit 4.10: Economic growth and economic development strategies">Unit 4.10: Economic growth and economic development strategies</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45804/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41927/foreign-currency-1.html" title="Foreign currency">Foreign currency</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43532/exchange-rates-1.html" title="Exchange rates">Exchange rates</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43804/balance-of-payments.html" title="Balance of payments">Balance of payments</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41796/economic-development-1.html" title="Economic development">Economic development</a></li></ul></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20132/units-1-2-microeconomics.html" title="Units 1-2: Microeconomics">Units 1-2: Microeconomics</a></li><ul class="level-1 expanded"><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 1: Introduction to economics">Unit 1: Introduction to economics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20091/introductory-activity-1.html" title="Introductory activity">Introductory activity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20093/unit-11-scarcity-choice-and-opportunity-cost.html" title="Unit 1.1: Scarcity, choice and opportunity cost">Unit 1.1: Scarcity, choice and opportunity cost</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21647/factors-of-production-1.html" title="Factors of production">Factors of production</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20114/economic-systems.html" title="Economic systems">Economic systems</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20134/public-and-private-sectors-1.html" title="Public and private sectors">Public and private sectors</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28055/unit-12-economics-as-a-social-science-1.html" title="Unit 1.2: Economics as a social science">Unit 1.2: Economics as a social science</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29921/circular-flow-of-national-income.html" title="Circular flow of national income">Circular flow of national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29829/unit-1-review-terms-1.html" title="Unit 1: Review terms">Unit 1: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41600/introduction-to-economics-crossword-1.html" title="Introduction to economics crossword">Introduction to economics crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../4331/unit-1-multiple-choice-quiz.html" title="Unit 1: Multiple choice quiz">Unit 1: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20177/unit-21-23-competitive-markets-demand-and-supply-1.html" title="Unit 2.1-2.3: Competitive markets - demand and supply">Unit 2.1-2.3: Competitive markets - demand and supply</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28517/unit-21-demand-1.html" title="Unit 2.1: Demand">Unit 2.1: Demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22349/determinants-of-demand-1.html" title="Determinants of demand">Determinants of demand</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29949/unit-22-supply-.html" title="Unit 2.2: Supply ">Unit 2.2: Supply </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20184/changes-to-supply-and-demand-.html" title="Changes to supply and demand ">Changes to supply and demand </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21992/practise-exercises-1.html" title="Practise exercises">Practise exercises</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../26112/gold-exchange-game-demand-and-supply-1.html" title="Gold exchange game: Demand and supply">Gold exchange game: Demand and supply</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20194/unit-23-competitive-market-equilibrium-1.html" title="Unit 2.3: Competitive market equilibrium">Unit 2.3: Competitive market equilibrium</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20144/producer-and-consumer-surplus-1.html" title="Producer and consumer surplus">Producer and consumer surplus</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22351/veblen-goods-and-super-luxury-goods-1.html" title="Veblen goods and super luxury goods">Veblen goods and super luxury goods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25677/are-cryptocurrencies-the-new-tulipmania.html" title="Are Cryptocurrencies the new Tulipmania?">Are Cryptocurrencies the new Tulipmania?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20472/unit-21-23-multiple-choice-quiz.html" title="Unit 2.1-2.3: Multiple choice quiz">Unit 2.1-2.3: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20113/unit-24-consumer-and-producer-behaviour-hl-only-1.html" title="Unit 2.4: Consumer and producer behaviour (HL only)">Unit 2.4: Consumer and producer behaviour (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36073/behavioural-economics-consumer-biases-nudge-theory-hl-only-1.html" title="Behavioural economics: Consumer biases / nudge theory (HL only)">Behavioural economics: Consumer biases / nudge theory (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20378/business-objectives-hl-only.html" title="Business objectives (HL only)">Business objectives (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28741/unit-21-24-review-terms--1.html" title="Unit 2.1-2.4: Review terms ">Unit 2.1-2.4: Review terms </a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20195/unit-25-26-elasticity-1.html" title="Unit 2.5-2.6: Elasticity">Unit 2.5-2.6: Elasticity</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28713/unit-25-price-elasticity-of-demand-1.html" title="Unit 2.5: Price elasticity of demand">Unit 2.5: Price elasticity of demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21545/determinants-of-price-elasticity-.html" title="Determinants of price elasticity ">Determinants of price elasticity </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21532/ped-elasticity-and-sales-revenue.html" title="PED elasticity and sales revenue?">PED elasticity and sales revenue?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21259/unit-25-income-elasticity-of-demand-yed.html" title="Unit 2.5: Income elasticity of demand (YED)">Unit 2.5: Income elasticity of demand (YED)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21200/unit-26-price-elasticity-of-supply.html" title="Unit 2.6: Price elasticity of supply">Unit 2.6: Price elasticity of supply</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20207/perfectly-elastic-inelastic-supply-curves.html" title="Perfectly elastic / inelastic supply curves">Perfectly elastic / inelastic supply curves</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20230/a-mathematical-note-about-elasticity-.html" title="A mathematical note about elasticity ">A mathematical note about elasticity </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39037/demand-and-supply-crossword.html" title="Demand and supply crossword">Demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29021/unit-25-26-review-terms-1.html" title="Unit 2.5-2.6: Review terms">Unit 2.5-2.6: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20474/unit-25-26-multiple-choice-quiz--1.html" title="Unit 2.5-2.6: Multiple choice quiz ">Unit 2.5-2.6: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44474/unit-21-25-competitive-markets-quiz-1.html" title="Unit 2.1- 2.5: Competitive markets quiz">Unit 2.1- 2.5: Competitive markets quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20243/unit-27-the-role-of-government-in-microeconomics--1.html" title="Unit 2.7: The role of government in microeconomics ">Unit 2.7: The role of government in microeconomics </a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26590/indirect-taxation.html" title="Indirect taxation">Indirect taxation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20246/ped-and-the-burden-of-tax-hl-only-.html" title="PED and the burden of tax (HL only) ">PED and the burden of tax (HL only) </a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20277/government-subsidies--1.html" title="Government subsidies ">Government subsidies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29117/unit-27-indirect-tax-and-subsidy-review-terms-1.html" title="Unit 2.7: Indirect tax and subsidy review terms">Unit 2.7: Indirect tax and subsidy review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20287/price-controls-maximum-price--1.html" title="Price controls − maximum price ">Price controls − maximum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20288/minimum-price-.html" title="Minimum price ">Minimum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21540/minimum-wage-.html" title="Minimum wage ">Minimum wage </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38849/labour-market-crossword-1.html" title="Labour market crossword">Labour market crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29260/unit-27-price-controls-review-terms-1.html" title="Unit 2.7: Price controls review terms">Unit 2.7: Price controls review terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20303/unit-28-210-market-failure--1.html" title="Unit 2.8-2.10: Market failure ">Unit 2.8-2.10: Market failure </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21543/unit-28-merit-goods--1.html" title="Unit 2.8: Merit goods ">Unit 2.8: Merit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23123/unit-28-demerit-goods-negative-externalities-1.html" title="Unit 2.8: Demerit goods / negative externalities">Unit 2.8: Demerit goods / negative externalities</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38850/market-failure-crossword-1.html" title="Market failure crossword">Market failure crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29262/unit-29-economics-of-the-environment-and-public-goods--1.html" title="Unit 2.9: Economics of the environment and public goods ">Unit 2.9: Economics of the environment and public goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20332/unit-210-asymmetric-information-hl-only-1.html" title="Unit 2.10: Asymmetric information (HL only)">Unit 2.10: Asymmetric information (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29828/unit-28-210-market-failure-review-sheet.html" title="Unit 2.8-2.10: Market failure review sheet">Unit 2.8-2.10: Market failure review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29827/unit-28-210-market-failure-review-terms.html" title="Unit 2.8-2.10: Market failure review terms">Unit 2.8-2.10: Market failure review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20479/unit-27-210-multiple-choice-quiz--1.html" title="Unit 2.7-2.10: Multiple choice quiz ">Unit 2.7-2.10: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44501/unit-27-210-government-failure-revision-quiz-1.html" title="Unit 2.7-2.10 Government failure revision quiz">Unit 2.7-2.10 Government failure revision quiz</a></li></ul><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20330/unit-211-market-power-hl-only-1.html" title="Unit 2.11: Market power (HL only)">Unit 2.11: Market power (HL only)</a></li><ul class="level-2 expanded"><li class="current" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="assessment-map.html" title="Assessment map">Assessment map</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21528/production-hl-only.html" title="Production (HL only)">Production (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29978/revenue-theory-hl-only.html" title="Revenue theory (HL only)">Revenue theory (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20357/costs-of-production-hl-only.html" title="Costs of production (HL only)">Costs of production (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21286/economies-and-diseconomies-of-scale-hl-only.html" title="Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22494/long-run-average-cost-curves-hl-only.html" title="Long run average cost curves (HL only)">Long run average cost curves (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../29838/breakeven-hl-only.html" title="Breakeven (HL only)">Breakeven (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20340/economic-profit-hl-only.html" title="Economic profit (HL only)">Economic profit (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39082/market-power-crossword.html" title="Market power crossword">Market power crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22495/revision-exercise-on-cost-and-revenue-hl-only.html" title="Revision exercise on cost and revenue (HL only)">Revision exercise on cost and revenue (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29845/unit-211-costs-revenue-and-profit-review-sheet-hl-only.html" title="Unit 2.11: Costs, revenue and profit review sheet (HL only)">Unit 2.11: Costs, revenue and profit review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44484/unit-211-multiple-choice-quiz-sl-units-1.html" title="Unit 2.11: Multiple choice quiz (SL units)">Unit 2.11: Multiple choice quiz (SL units)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29846/market-structures-hl-only-1.html" title="Market structures (HL only)">Market structures (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29981/perfect-competition-hl-only-1.html" title="Perfect competition (HL only)">Perfect competition (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24486/profit-in-perfect-competition-hl-only-1.html" title="Profit in perfect competition (HL only)">Profit in perfect competition (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21302/efficiency-in-perfect-competition-hl-only.html" title="Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20430/monopoly-hl-only-1.html" title="Monopoly (HL only)">Monopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24529/profit-and-revenue-maximisation-in-monopoly-hl-only-1.html" title="Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21306/a-comparison-of-monopoly-and-perfect-competition-hl-only-1.html" title="A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20435/monopolistic-competition-hl-only-1.html" title="Monopolistic competition (HL only)">Monopolistic competition (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20436/oligopoly-hl-only-1.html" title="Oligopoly (HL only)">Oligopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22310/game-theory-hl-only-1.html" title="Game theory (HL only)">Game theory (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29918/unit-211-market-structures-review-sheet-hl-only-1.html" title="Unit 2.11: Market structures review sheet (HL only)">Unit 2.11: Market structures review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32337/unit-211-diagram-revision-.html" title="Unit 2.11: Diagram revision ">Unit 2.11: Diagram revision </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20480/unit-211-multiple-choice-quiz-hl-only-1.html" title="Unit 2.11: Multiple choice quiz (HL only)">Unit 2.11: Multiple choice quiz (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32425/unit-212-the-markets-inability-to-achieve-equity-hl-only-1.html" title="Unit 2.12: The market’s inability to achieve equity (HL only)">Unit 2.12: The market’s inability to achieve equity (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21842/unit-3-macroeconomics-.html" title="Unit 3: Macroeconomics ">Unit 3: Macroeconomics </a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../3942/unit-31-measuring-economic-activity-and-illustrating-its-variati-1.html" title="Unit 3.1: Measuring economic activity and illustrating its variations">Unit 3.1: Measuring economic activity and illustrating its variations</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20558/calculating-national-income-1.html" title="Calculating national income">Calculating national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21297/gdp-gni-as-a-measure-of-living-standards.html" title="GDP / GNI as a measure of living standards">GDP / GNI as a measure of living standards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20567/national-income-statistics-1.html" title="National income statistics">National income statistics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21580/the-business-cycle-1.html" title="The business cycle">The business cycle</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29931/unit-31-economic-activity-review-sheet-1.html" title="Unit 3.1: Economic activity review sheet">Unit 3.1: Economic activity review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20592/unit-32-variations-in-economic-activityaggregate-demand-and-aggr-1.html" title="Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply">Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29933/aggregate-demand-and-supply.html" title="Aggregate demand and supply">Aggregate demand and supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21582/components-of-aggregate-demand-1.html" title="Components of aggregate demand">Components of aggregate demand</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20634/equilibrium-in-macroeconomics-neo-classical-perspective-1.html" title="Equilibrium in macroeconomics (neo-classical perspective)">Equilibrium in macroeconomics (neo-classical perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20439/equilibrium-in-macroeconomics-keynesian-perspective-1.html" title="Equilibrium in macroeconomics (keynesian perspective)">Equilibrium in macroeconomics (keynesian perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21349/john-maynard-keynes-1.html" title="John Maynard Keynes">John Maynard Keynes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20650/keynesian-v-free-market-debate--1.html" title="Keynesian v free market debate ">Keynesian v free market debate </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21342/changes-in-the-long-run-aggregate-supply-1.html" title="Changes in the long run aggregate supply">Changes in the long run aggregate supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30055/unit-32-aggregate-demand-and-supply-review-sheet-1.html" title="Unit 3.2: Aggregate demand and supply review sheet">Unit 3.2: Aggregate demand and supply review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20610/unit-35-and-36-demand-management-fiscal-and-monetary-policy-1.html" title="Unit 3.5 and 3.6: Demand management - fiscal and monetary policy">Unit 3.5 and 3.6: Demand management - fiscal and monetary policy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30058/government-budget.html" title="Government budget">Government budget</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21585/fiscal-policy--1.html" title="Fiscal policy ">Fiscal policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21343/multiplier-hl-only.html" title="Multiplier (HL only)">Multiplier (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21795/monetary-policy--1.html" title="Monetary policy ">Monetary policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30071/independent-central-banks-1.html" title="Independent central banks">Independent central banks</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30083/unit-35-and-36-review-sheet.html" title="Unit 3.5 and 3.6 review sheet">Unit 3.5 and 3.6 review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20615/unit-37-supply-side-policies-1.html" title="Unit 3.7: Supply side policies">Unit 3.7: Supply side policies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20651/the-role-of-supply-side-policies-1.html" title="The role of supply side policies">The role of supply side policies</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20622/market-based-and-interventionist-supply-side-policies--1.html" title="Market based and interventionist supply side policies ">Market based and interventionist supply side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39129/aggregate-demand-and-supply-crossword-1.html" title="Aggregate demand and supply crossword">Aggregate demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30086/unit-37-review-sheet-1.html" title="Unit 3.7: Review sheet">Unit 3.7: Review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20755/unit-31-32-and-35-37-multiple-choice-quiz--1.html" title="Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz ">Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz </a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44522/unit-31-32-and-35-37-revision-quiz-1.html" title="Unit 3.1-3.2 and 3.5-3.7: Revision quiz">Unit 3.1-3.2 and 3.5-3.7: Revision quiz</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20686/unit-33-macroeconomic-objectives.html" title="Unit 3.3: Macroeconomic objectives">Unit 3.3: Macroeconomic objectives</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30118/unemployment.html" title="Unemployment">Unemployment</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21351/types-of-unemployment.html" title="Types of unemployment?">Types of unemployment?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21593/equilibrium-unemployment-.html" title="Equilibrium unemployment ">Equilibrium unemployment </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21594/disequilibrium-unemployment-1.html" title="Disequilibrium unemployment">Disequilibrium unemployment</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30458/unemployment-review-sheet-1.html" title="Unemployment review sheet">Unemployment review sheet</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20713/inflation--1.html" title="Inflation ">Inflation </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20712/measuring-inflation-hl-only-1.html" title="Measuring inflation (HL only)">Measuring inflation (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20685/costs-of-inflation-and-deflation-1.html" title="Costs of inflation and deflation">Costs of inflation and deflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30465/inflation-review-sheet.html" title="Inflation review sheet">Inflation review sheet</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20716/unemployment-v-inflation-trade-off-hl-only-1.html" title="Unemployment v inflation trade off (HL only)">Unemployment v inflation trade off (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39133/macroeconomic-objectives-crossword-1.html" title="Macroeconomic objectives crossword">Macroeconomic objectives crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44511/unit-33-macroeconomic-indicators-revision-quiz-1.html" title="Unit 3.3: Macroeconomic indicators revision quiz">Unit 3.3: Macroeconomic indicators revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20741/unit-34-economics-of-inequality-and-poverty-1.html" title="Unit 3.4: Economics of inequality and poverty">Unit 3.4: Economics of inequality and poverty</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32398/inequality-1.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21356/the-role-of-spending-and-taxation-on-inequality--1.html" title="The role of spending and taxation on inequality ">The role of spending and taxation on inequality </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21313/consequences-of-economic-growth-1.html" title="Consequences of economic growth">Consequences of economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30257/economic-growth-and-inequality-review-sheet-1.html" title="Economic growth and inequality review sheet">Economic growth and inequality review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20756/unit-33-34-multiple-choice-.html" title="Unit 3.3-3.4: Multiple choice ">Unit 3.3-3.4: Multiple choice </a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21844/unit-4-global-economy.html" title="Unit 4: Global economy">Unit 4: Global economy</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21367/unit-41-benefits-of-international-trade.html" title="Unit 4.1: Benefits of international trade">Unit 4.1: Benefits of international trade</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30529/benefits-of-international-trade.html" title="Benefits of international trade">Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20823/absolute-and-comparative-advantage-hl-only-1.html" title="Absolute and comparative advantage (HL only)">Absolute and comparative advantage (HL only)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20845/unit-42-43-trade-protection-1.html" title="Unit 4.2-4.3: Trade protection">Unit 4.2-4.3: Trade protection</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32419/barriers-to-trade-calculations-are-hl-only-1.html" title="Barriers to trade (calculations are HL only)">Barriers to trade (calculations are HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21610/case-study-on-tata-steel-1.html" title="Case study on Tata Steel">Case study on Tata Steel</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23455/the-defence-industry-1.html" title="The Defence industry">The Defence industry</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30610/unit-41-43-review-sheet-1.html" title="Unit 4.1-4.3: Review sheet">Unit 4.1-4.3: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20894/unit-44-economic-integration--1.html" title="Unit 4.4: Economic integration ">Unit 4.4: Economic integration </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30634/economic-integration-some-hl-tasks-1.html" title="Economic integration (some HL tasks)">Economic integration (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20840/world-trade-organisation-wto-1.html" title="World trade organisation (WTO)">World trade organisation (WTO)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30635/unit-44-review-sheet-1.html" title="Unit 4.4: Review sheet">Unit 4.4: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20853/unit-45-exchange-rates-1.html" title="Unit 4.5: Exchange rates">Unit 4.5: Exchange rates</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30611/floating-exchange-rates-1.html" title="Floating exchange rates">Floating exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31824/fixed-managed-exchange-rate-systems-some-hl-tasks-1.html" title="Fixed / managed exchange rate systems (some HL tasks)">Fixed / managed exchange rate systems (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21624/the-market-for-foreign-exchange-1.html" title="The market for foreign exchange">The market for foreign exchange</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30614/unit-45-review-sheet-1.html" title="Unit 4.5: Review sheet">Unit 4.5: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20859/unit-46-balance-of-payments-1.html" title="Unit 4.6: Balance of payments">Unit 4.6: Balance of payments</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30624/balance-of-payments--1.html" title="Balance of payments ">Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21386/current-account-hl-only-1.html" title="Current account (HL only)">Current account (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20872/the-marshall-lerner-condition-j-curve-hl-only-1.html" title="The Marshall-Lerner condition / J curve (HL only)">The Marshall-Lerner condition / J curve (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20899/units-41-46-multiple-choice-quiz--1.html" title="Units 4.1-4.6: Multiple choice quiz ">Units 4.1-4.6: Multiple choice quiz </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42989/unit-41-46-multiple-choice-quiz-ii-1.html" title="Unit 4.1-4.6: Multiple choice quiz II">Unit 4.1-4.6: Multiple choice quiz II</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../39438/unit-41-46-international-trade-crossword-1.html" title="Unit 4.1-4.6: International trade crossword">Unit 4.1-4.6: International trade crossword</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32423/unit-47-sustainable-development--1.html" title="Unit 4.7: Sustainable development ">Unit 4.7: Sustainable development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26092/water-scarcity-activity-1.html" title="Water scarcity activity">Water scarcity activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32426/sustainable-development.html" title="Sustainable development">Sustainable development</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20928/unit-48-measuring-development--1.html" title="Unit 4.8: Measuring development ">Unit 4.8: Measuring development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30686/measuring-development-1.html" title="Measuring development">Measuring development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21627/economic-development--1.html" title="Economic development ">Economic development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30679/unit-47-48-review-sheet.html" title="Unit 4.7-4.8: Review sheet">Unit 4.7-4.8: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 4.9: Barriers to development">Unit 4.9: Barriers to development</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30727/barriers-to-development-in-international-trade-1.html" title="Barriers to development in International trade">Barriers to development in International trade</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32430/unit-410-economic-growth-andor-economic-development-strategies-1.html" title="Unit 4.10: Economic growth and/or economic development strategies">Unit 4.10: Economic growth and/or economic development strategies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30687/the-role-of-domestic-factors-1.html" title="The role of domestic factors">The role of domestic factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30688/the-role-of-international-trade-and-development-1.html" title="The role of international trade and development">The role of international trade and development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30689/the-role-of-foreign-direct-investment-fdi-1.html" title="The role of foreign direct investment (FDI)">The role of foreign direct investment (FDI)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25240/the-role-of-foreign-aid--1.html" title="The role of foreign aid ">The role of foreign aid </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30819/multilateral-development-assistance-1.html" title="Multilateral development assistance">Multilateral development assistance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21632/the-role-of-international-debt-1.html" title="The role of international debt">The role of international debt</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25242/the-balance-between-markets-and-intervention-1.html" title="The balance between markets and intervention">The balance between markets and intervention</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30926/unit-49-410-review-sheet.html" title="Unit 4.9 - 4.10: Review sheet">Unit 4.9 - 4.10: Review sheet</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21380/assessment.html" title="Assessment">Assessment</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Internal assessment ">Internal assessment </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20608/how-to-write-your-ia-student-handout.html" title="How to write your IA? 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(student handout)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21428/how-to-interpret-the-assessment-criteria-1.html" title="How to interpret the assessment criteria?">How to interpret the assessment criteria?</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Grading practise ">Grading practise </a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Sample 3a">Sample 3a</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../32083/sample-3b-1.html" title="Sample 3b">Sample 3b</a></li></ul></ul></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32022/assessment-markbands-1.html" title="Assessment markbands">Assessment markbands</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../4332/exam-style-questions.html" title="Exam style questions">Exam style questions</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 style examination questions">Paper 1 style examination questions</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../40100/unit-211-212-questions.html" title="Unit 2.11-2.12 questions">Unit 2.11-2.12 questions</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45102/paper-1-guidance-on-essay-writing-1.html" title="Paper 1 guidance on essay writing">Paper 1 guidance on essay writing</a></li></ul></ul></nav> </div> </div> </div> </div><div style="margin-top: 20px;"><style type="text/css">
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<ul class="breadcrumb"><li><a title="Home" href="../../../economics.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">Units 1-2: Microeconomics</span><span class="divider">/</span></li><li><a title="Go to: Unit 2.11: Market power (HL only)" href="../20330/unit-211-market-power-hl-only-1.html">Unit 2.11: Market power (HL only)</a><span class="divider">/</span></li><li><span class="active">Assessment map</span></li></ul>
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<h3><img alt="" src="../../../ib/economics/images/micro-economics-2/images(1)-1.jpg" style="width: 320px; height: 282px; float: right;">Unit 2.11: Theory of the firm (HL only)</h3><p>This page provides a map of the various assessments included in the unit, including short answers responses, essays and areas for discussion. I have included a section A and section B blank essay template which will help your classes prepare their paper one essay responses.</p><hr class="hidden"><div class="blueBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Production returns</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Production in the short run: the law of diminishing returns.</td><td>Activities 1 - 5, on page <a href="../21528/production-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Production (HL only)">Production (HL only)</a> </td></tr><tr><td>Distinguish between the short run and long run in the context of production.</td><td>Activity 1, video and short answer activity on page <a href="../21528/production-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Production (HL only)">Production (HL only)</a> </td></tr><tr><td>Calculate total, average and marginal product from a set of data and/or diagrams.</td><td>Activities 1 - 4, on page <a href="../21528/production-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Production (HL only)">Production (HL only)</a> </td></tr></tbody></table></div><div class="pinkBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Economies / diseconomies of scale</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Explain the meaning of economic costs as the opportunity cost of all resources employed by the firm (including entrepreneurship).</td><td>Short answer activities 1, 2 on page <a href="../21284/economic-costs-profit-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Economic costs / profit (HL only)">Economic costs / profit (HL only)</a> </td></tr><tr><td>Distinguish between explicit costs and implicit costs as the two components of economic costs</td><td>Short answer activities 1,2 and 3 on page <a href="../21284/economic-costs-profit-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Economic costs / profit (HL only)">Economic costs / profit (HL only)</a> </td></tr></tbody></table></div><div class="blueBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Production costs</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Explain the distinction between the short run and the long run, with reference to fixed factors and variable factors</td><td>Activity 2, panda activity on page <a href="../20357/costs-of-production-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only)">Costs of production (HL only)</a> </td></tr><tr><td>Distinguish between total costs, marginal costs and average costs. Draw diagrams illustrating the relationship between marginal costs and average costs and explain the connection with production in the short run.</td><td><p>Activity 1, 3 and 4 on page <a href="../20357/costs-of-production-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only)">Costs of production (HL only)</a> </p><p>Paper three activity at: <a href="../25714/paper-3-question-on-cost-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Paper 3 question on cost (HL only)">Paper 3 question on cost (HL only)</a> </p></td></tr><tr><td>Explain the relationship between the product curves (average product and marginal product) and the cost curves (average variable cost and marginal cost), with reference to the law of diminishing returns.</td><td>Activity 5 on page <a href="../20357/costs-of-production-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only)">Costs of production (HL only)</a> </td></tr><tr><td>Calculate total fixed costs, total variable costs, total costs, average fixed costs, average variable costs, average total costs and marginal costs from a set of data and / or diagrams.</td><td>Activity 1, 3 and 4 on page <a href="../20357/costs-of-production-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only)">Costs of production (HL only)</a> </td></tr></tbody></table></div><div class="pinkBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Long run production</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Production in the long run: returns to scale. Distinguish between increasing returns to scale, decreasing returns to scale and constant returns to scale.</td><td>Short answer and reflection activities available at <a href="../21286/economies-and-diseconomies-of-scale-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a> </td></tr></tbody></table></div><div class="blueBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Short run / long run costs</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Explain the relationship between short-run average costs and long-run average costs. Using a diagram, illustrate the reason for the shape of the long-run average total cost curve.</td><td><p>Activities on page: <a href="../22494/long-run-average-cost-curves-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Long run average cost curves (HL only)">Long run average cost curves (HL only)</a> </p><p>Paper one type essay on the same page.</p></td></tr><tr><td>Explain factors giving rise to economies of scale, including specialization, efficiency, marketing and indivisibilities.</td><td>Short answer and reflection activities available at: <a href="../21286/economies-and-diseconomies-of-scale-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a> </td></tr><tr><td>Explain factors giving rise to diseconomies of scale, including problems of coordination and communication.</td><td>Short answer and reflection activities available at <a href="../21286/economies-and-diseconomies-of-scale-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a> </td></tr></tbody></table></div><div class="pinkBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Revenue theory</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Distinguish between total revenue, average revenue and marginal revenue.</td><td>Activities 2, 4 on <a href="../29978/revenue-theory-hl-only.html" title="Units 1-2: Microeconomics » Unit 2.11: Market power (HL only) » Revenue theory (HL only)">Revenue theory (HL only)</a> </td></tr><tr><td>Draw diagrams illustrating the relationship between total revenue, average revenue and marginal revenue.</td><td>Activity 3 on page: <a href="https://www.thinkib.net/economics/page/29978/revenue-theory-hl-only" title="Units 1-2: Microeconomics » Unit 2.11: Market power (HL only) » Revenue theory (HL only)">Revenue theory (HL only)</a> </td></tr><tr><td>Calculate total revenue, average revenue and marginal revenue from a set of data and/or diagrams.</td><td>Activities 2,4 on page: <a href="https://www.thinkib.net/economics/page/29978/revenue-theory-hl-only" title="Units 1-2: Microeconomics » Unit 2.11: Market power (HL only) » Revenue theory (HL only)">Revenue theory (HL only)</a> </td></tr></tbody></table></div><div class="blueBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Economic profit</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Describe different types of profit within businesses. Recognise that economic profit (abnormal profit) is the case where total revenue exceeds economic cost.</td><td>Short answer activities on page <a href="../20340/economic-profit-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Economic profit (HL only)">Economic profit (HL only)</a> </td></tr><tr><td>Explain the concept of normal profit (zero economic profit) as the amount of revenue needed to cover the costs of employing self-owned resources (implicit costs, including entrepreneurship) or the amount of revenue needed to just keep the firm in business.</td><td><p>Revision activity: <a href="../29845/unit-15-costs-revenue-and-profit-review-sheet-1.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Unit 1.5: Costs, revenue and profit review sheet">Unit 2.12: Costs, revenue and profit review sheet</a> </p></td></tr><tr><td>Explain why a firm will continue to operate even when it earns zero economic profit (abnormal profit).</td><td>Paper one exam question, activity 5 on page <a href="../20340/economic-profit-hl-only.html" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Economic profit (HL only)">Economic profit (HL only)</a> </td></tr><tr><td>Explain the meaning of loss as negative economic profit arising when total revenue is less than total cost.</td><td><p>Revision activity: <a href="https://www.thinkib.net/economics/page/29845/unit-15-costs-revenue-and-profit-review-sheet" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Unit 1.5: Costs, revenue and profit review sheet">Unit 2.12: Costs, revenue and profit review sheet</a> </p><p>Activities on page: <a href="https://www.thinkib.net/economics/page/21284/economic-costs-profit-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Economic costs / profit (HL only)">Economic costs / profit (HL only)</a> </p></td></tr><tr><td>Calculate different profit levels from a set of data and/or diagrams.</td><td>Activity 1 and 2 on page <a href="https://www.thinkib.net/economics/page/20340/economic-profit-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Economic profit (HL only)">Economic profit (HL only)</a> </td></tr></tbody></table></div><div class="pinkBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Shut down and break even point</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Shut-down price and break-even price. Distinguish between the two concepts and explain, using a diagram, when a loss-making firm would shut down in the short run.</td><td>Activities 1 and 2 on page: <a href="https://www.thinkib.net/economics/page/29838/breakeven-and-shut-down-point-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Economic profit (HL only) » Breakeven and shut down point (HL only)">Breakeven and shut down point (HL only)</a> </td></tr><tr><td>Explain, using a diagram, when a loss-making firm would shut down and exit the market in the long run.</td><td>Short answer activities on page: <a href="https://www.thinkib.net/economics/page/29838/breakeven-and-shut-down-point-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Economic profit (HL only) » Breakeven and shut down point (HL only)">Breakeven and shut down point (HL only)</a> </td></tr><tr><td>Calculate the short run shutdown price and the breakeven price from a set of data.</td><td>Short answer activities on page: <a href="https://www.thinkib.net/economics/page/29838/breakeven-and-shut-down-point-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Economic profit (HL only) » Breakeven and shut down point (HL only)">Breakeven and shut down point (HL only)</a> </td></tr></tbody></table></div><div class="blueBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Goals of business</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Profit maximisation: Explain the goal of profit maximisation where the difference between total revenue and total cost is maximised or where marginal revenue equals marginal cost.</td><td><p>Short answer activities on page: <a href="https://www.thinkib.net/economics/page/20378/motives-of-business-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Motives of business (HL only)">Motives of business (HL only)</a></p><p>Paper three questions on costs, on page: <a href="https://www.thinkib.net/economics/page/25714/paper-3-question-on-cost-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Costs of production (HL only) » Paper 3 question on cost (HL only)">Paper 3 question on cost (HL only)</a> </p></td></tr><tr><td>Explain alternative goals of firms, including revenue maximisation, growth maximisation, satisficing and corporate social responsibility.</td><td>Paper one style examination question on page: <a href="https://www.thinkib.net/economics/page/20378/motives-of-business-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Motives of business (HL only)">Motives of business (HL only)</a></td></tr></tbody></table></div><div class="pinkBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Perfect competition</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Describe, using examples, the assumed characteristics of perfect competition.</td><td>Activity 1 on page: <a href="https://www.thinkib.net/economics/page/29981/perfect-competition-hl-only" title="Units 1-2: Microeconomics » Unit 2.11: Market power (HL only) » Perfect competition (HL only)">Perfect competition (HL only)</a> </td></tr><tr><td>Explain, using a diagram, the shape of the perfectly competitive firm’s average revenue and marginal revenue curves, indicating that the assumptions of perfect competition imply that each firm is a price taker.</td><td>Activity 5 on page: <a href="https://www.thinkib.net/economics/page/29981/perfect-competition-hl-only" title="Units 1-2: Microeconomics » Unit 2.11: Market power (HL only) » Perfect competition (HL only)">Perfect competition (HL only)</a> </td></tr><tr><td>Explain, using a diagram, that the perfectly competitive firm’s average revenue and marginal revenue curves are derived from market equilibrium for the industry.</td><td>Activity 6, paper one style question on page: <a href="https://www.thinkib.net/economics/page/29981/perfect-competition-hl-only" title="Units 1-2: Microeconomics » Unit 2.11: Market power (HL only) » Perfect competition (HL only)">Perfect competition (HL only)</a> </td></tr><tr><td>Profit maximisation in the short run.</td><td>Activity 3 on page: <a href="https://www.thinkib.net/economics/page/24486/profit-in-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Perfect competition (HL only) » Profit in perfect competition (HL only)">Profit in perfect competition (HL only)</a> </td></tr><tr><td>Normal profit in the long run: Explain, using a diagram, why, in the long run, a perfectly competitive firm will make normal profit (zero economic profit). Explain, using a diagram, how a perfectly competitive market will move from short run equilibrium to long-run equilibrium.</td><td>Activities 1 - 3 and the paper one style question (activity 4) on page: <a href="https://www.thinkib.net/economics/page/24486/profit-in-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Perfect competition (HL only) » Profit in perfect competition (HL only)">Profit in perfect competition (HL only)</a> </td></tr></tbody></table></div><div class="blueBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Efficiency</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Explain the meaning of the term allocative efficiency. Explain that the condition for allocative efficiency is P = MC (or, with externalities, MSB = MSC).</td><td>Activity 1 and 2 on page: <a href="https://www.thinkib.net/economics/page/21302/efficiency-in-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Perfect competition (HL only) » Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a> </td></tr><tr><td>Explain, using a diagram, why a perfectly competitive market leads to allocative efficiency in both the short run and the long run.</td><td>Activity 4 on page: <a href="https://www.thinkib.net/economics/page/21302/efficiency-in-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Perfect competition (HL only) » Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a> </td></tr><tr><td>Explain the meaning of the term productive/technical efficiency. Explain that the condition for productive efficiency is that production takes place at minimum average total cost.</td><td>Activities 2 - 4 plus the paper one style question on page: <a href="https://www.thinkib.net/economics/page/21302/efficiency-in-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Perfect competition (HL only) » Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a> </td></tr><tr><td>Explain, using a diagram, why a perfectly competitive firm will be productively efficient in the long run, though not necessarily in the short run.</td><td>Activities 4 plus the paper one style question on page: <a href="https://www.thinkib.net/economics/page/21302/efficiency-in-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Perfect competition (HL only) » Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a> </td></tr></tbody></table></div><div class="pinkBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Monopoly</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Describe, using examples, the assumed characteristics of a monopoly: a single or dominant firm in the market; no close substitutes; significant barriers to entry.</td><td>Activity 1 on page: <a href="https://www.thinkib.net/economics/page/20430/monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only)">Monopoly (HL only)</a> </td></tr><tr><td>Explain the relationship between demand, average revenue and marginal revenue in a monopoly. Why a monopolist will never choose to operate on the inelastic portion of its average revenue curve.</td><td>Activity 3 on page: <a href="https://www.thinkib.net/economics/page/20430/monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only)">Monopoly (HL only)</a> </td></tr><tr><td>Explain, using a diagram, the short- and long-run equilibrium output and pricing decision of a profit maximising (loss minimising) monopolist, identifying the firm’s economic profit (abnormal profit), or losses.</td><td>Activity 3,4 on page: <a href="https://www.thinkib.net/economics/page/20430/monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only)">Monopoly (HL only)</a> </td></tr><tr><td>Examine the role of barriers to entry in permitting the firm to earn economic profit (abnormal profit).</td><td>Activity 4, paper one style examination question on page: <a href="https://www.thinkib.net/economics/page/24529/profit-and-revenue-maximisation-in-monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only) » Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a> </td></tr><tr><td>Explain, using a diagram, the output and pricing decision of a revenue maximising monopoly firm. Compare and contrast, using a diagram, the equilibrium positions of a profit maximising monopoly firm and a revenue maximising monopoly firm.</td><td>Activity 1, 2 on page: <a href="https://www.thinkib.net/economics/page/24529/profit-and-revenue-maximisation-in-monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only) » Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a> </td></tr><tr><td>Calculate from a set of data and/or diagrams the revenue maximising level of output.</td><td>Activity 2 on page: <a href="https://www.thinkib.net/economics/page/24529/profit-and-revenue-maximisation-in-monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only) » Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a> </td></tr><tr><td>Natural monopoly: Explain the meaning of the term “natural monopoly” and illustrate this on a diagram.</td><td>Activity 6 on page: <a href="https://www.thinkib.net/economics/page/20430/monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only)">Monopoly (HL only)</a> </td></tr><tr><td>Monopoly and efficiency: To what extent are monopolies efficient? Evaluate reasons why, despite inefficiencies, a monopoly may be considered desirable?</td><td>Activity 1 - 3 on page: <a href="https://www.thinkib.net/economics/page/21306/a-comparison-of-monopoly-and-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only) » A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a> </td></tr><tr><td>Policies to regulate monopoly power.</td><td><p>Activity 7, paper one style question on page: <a href="https://www.thinkib.net/economics/page/20430/monopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only)">Monopoly (HL only)</a> </p><p>Facebook activity, on page: <a href="https://www.thinkib.net/economics/page/21306/a-comparison-of-monopoly-and-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only) » A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a> </p></td></tr><tr><td>Use diagrams to explain the advantages and disadvantages of monopoly compared with perfect competition.</td><td><p>Activity 1 - 3 on page: <a href="https://www.thinkib.net/economics/page/21306/a-comparison-of-monopoly-and-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only) » A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a> </p><p>Activity 6, paper one style examination question on page: <a href="https://www.thinkib.net/economics/page/21306/a-comparison-of-monopoly-and-perfect-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopoly (HL only) » A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a> </p></td></tr></tbody></table></div><div class="blueBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Monopolistic competition</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Assumptions of the model and the revenue and cost curves in monopolistic competition.</td><td>Activity 1, 2 on page: <a href="https://www.thinkib.net/economics/page/20435/monopolistic-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopolistic competition (HL only)">Monopolistic competition (HL only)</a> </td></tr><tr><td>Use diagrams to explain why in the long run a firm in monopolistic competition will make normal profit.</td><td>Activity 6 on page: <a href="https://www.thinkib.net/economics/page/20435/monopolistic-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopolistic competition (HL only)">Monopolistic competition (HL only)</a> </td></tr><tr><td>Distinguish, using examples, the difference between price competition and non-price competition.</td><td>Activity 4 on page: <a href="https://www.thinkib.net/economics/page/20435/monopolistic-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopolistic competition (HL only)">Monopolistic competition (HL only)</a> </td></tr><tr><td>Monopolistic competition and efficiency: Explain, using a diagram, why neither allocative efficiency nor productive efficiency are achieved by monopolistically competitive firms.</td><td>Activity 7, paper one style examination questions on page: <a href="https://www.thinkib.net/economics/page/20435/monopolistic-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopolistic competition (HL only)">Monopolistic competition (HL only)</a> </td></tr><tr><td>Compare and contrast monopolistic competition with perfect competition and monopolistic competition with monopoly.</td><td>Activity 5 on page: <a href="https://www.thinkib.net/economics/page/20435/monopolistic-competition-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Monopolistic competition (HL only)">Monopolistic competition (HL only)</a> </td></tr></tbody></table></div><div class="pinkBg"><table><tbody><tr><td style="text-align: center;"><strong>Syllabus area: Oligopoly</strong></td><td style="text-align: center;"><strong>Assessment</strong></td></tr><tr><td>Describe, using diagrams, the assumed characteristics of an oligopoly.</td><td>Activity 3 plus activity 6, paper one style question on page: <a href="https://www.thinkib.net/economics/page/20436/oligopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Oligopoly (HL only)">Oligopoly (HL only)</a> </td></tr><tr><td>Explain how game theory (the simple prisoner’s dilemma) can illustrate strategic interdependence and the options available to oligopolies.</td><td>Activities 3,4 on page: <a href="https://www.thinkib.net/economics/page/22310/game-theory-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Oligopoly (HL only) » Game theory (HL only)">Game theory (HL only)</a> </td></tr><tr><td>Explain and provide examples of the terms “collusion” and “cartel”.</td><td>Paper one style question on page: <a href="https://www.thinkib.net/economics/page/22310/game-theory-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Oligopoly (HL only) » Game theory (HL only)">Game theory (HL only)</a> </td></tr><tr><td>Explain the incentive of cartel members to cheat. Examine the conditions that make cartel structures difficult to maintain.</td><td>Activity 4 on page: <a href="https://www.thinkib.net/economics/page/22310/game-theory-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Oligopoly (HL only) » Game theory (HL only)">Game theory (HL only)</a> </td></tr><tr><td>Explain the term “tacit collusion”, including reference to price leadership by a dominant firm.</td><td>Activity 3 on page: <a href="https://www.thinkib.net/economics/page/22310/game-theory-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Oligopoly (HL only) » Game theory (HL only)">Game theory (HL only)</a> </td></tr><tr><td>Non-collusive oligopoly: Explain, using diagrams, that the behaviour of firms in a non-collusive oligopoly is strategic in order to take account of possible actions by rivals. Explain why non-price competition is common in oligopolistic markets, with reference to the risk of price wars.</td><td>Activities 3,5 on page: <a href="https://www.thinkib.net/economics/page/20436/oligopoly-hl-only" title="Unit 1: Microeconomics » Unit 1.5: Theory of the firm (HL only) » Oligopoly (HL only)">Oligopoly (HL only)</a> </td></tr></tbody></table></div><p>Blank essay template available at: <a href="../../../ib/economics/files/exams/section-a-essay-template.docx" target="_blank" title="Questions"><img class="ico" src="../../../thinkib/icons/question.png"> Section A essay template</a></p><p><a href="../../../ib/economics/files/exams/section-b-essay-template.docx" target="_blank" title="Questions"><img class="ico" src="../../../thinkib/icons/question.png"> Section B essay template</a></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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