economics-marking-scheme-v1-0506-app-1

economics-marking-scheme-v1-0506-app-1 - 1 Concepts 1 2 3 4...

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1 Concepts Syllabus Reference Mark scheme 1 PPC C D 2 Opportunity Cost A B 3 Supply and Demand F H J A 4 PED G D 5 PES I C 6 Price controls L B 7 Demand ER Related markets AE AF F K I A 8 SR Costs N S D 9 LR costs P D 10 Costs/Revenue Behaviour Perfect competition O R C 11 Macro basics U C 12 GDP per capita V C 13 Macro-model U X B 14 AS/AD Growth V W C 15 Taxation Y D 16 Taxation Y B 17 QTM Inflation AC B 18 Money AB A 19 Inflation Unemployment AC AD D 20 Trade theory AE C 21 Property rights D The rights that accrue to the owner of something by virtue of owning it. These are the rights to ownership of an asset such as land 22 Horizontal merger Q When two firms at the same stage of production join together. 23 Regulation D Laws/rules limiting the behaviour of consumers and producers. 24 Cost/Revenue Profit Price taker O R Upward shift in ATC curve reduces AR-ATC gap at all levels of output. Supernormal profit is reduced
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economics-marking-scheme-v1-0506-app-1 - 1 Concepts 1 2 3 4...

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