👑Microeconomics and Consumer Behavior  Essays

Explain the ways in which more affordable medicines can improve standards of living.

Analyse how the ability of firms to produce on a larger scale is beneficial to consumers.

Discuss whether or not consumers would benefit from a firm becoming a monopoly. In assessing each answer, use the table opposite. Why they might:

Explain opportunity cost and how it can influence a farmer’s decision to grow apples.

Analyse the advantages for firms of using division of labour.

Discuss whether all monopolies have low costs of production. In assessing each answer, use the table opposite. Why some have:

Explain the reasons why a loss-making firm may continue to produce.

Analyse the causes of a shift to the right in the supply curve of chocolate.

Discuss whether an increase in output will increase the profits that firms receive.

Analyse how investment in research and development can help a firm to grow in size.

Discuss whether or not an increase in wages will reduce a firm’s profit.

Discuss whether a large firm will always have lower average costs of production than a small one.