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Micro Economics ECON3 by Mind Map: Micro Economics ECON3
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Micro Economics ECON3

2 Profit Maximisation

MC = MR

Definitions

Role of profit

Is profit really maximised?

3 Perfect Competition

What is it?/ What is needed for it?

Definitions

The real world

4 Efficiency, Consumer & Producer Surplus

Definitions

Static efficiency

Dynamic efficiency

5 Concentrated Markets

Concentration ratio

Internal growth

External growth

6 Price Discrimination

What is needed for it to be possible?

First degree

Second degree

Third degree

1 Costs & Revenues

Costs

Revenues

Economies of scale

Law of Diminishing returns

9 Contestable Markets

Definitions

Effects

What helps create contestablility?

10 Technology and market structure

Production

Consumption

Efficiency

Increase in competition or monopoly?

7 Monopoly

Definitions

Effects of monopoly

Efficiency

8 Oligopoly

Definitions

Effects

The magic number 5

Kinked demand curve