Microeconomics and Business Economics

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1 (a) Which one of the following does a point on a production possibility curve (PPC) represent? (1) A Where capital goods should be produced B How the production of all goods can be increased C ... Government revenue from production D A given amount of resources being fully employed Andreas is a plumber. Unlike his competitors, he is prepared to work at the weekend. However, he charges customers 50% more for his services at the weekend. (b) Which one of the following describes this economic assumption? (1) A Businesses aim to maximize their profit B Producers may complete charitable work C Consumers sometimes copy others’ behavior D Governments try to increase the number of days worked (c) What is meant by the term economies of scale? (2) .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... https://britishstudentroom.wordpress.com/*P65896A0324* Turn over 3 (d) State one example of a factor of production that can be classified as land. (1) .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... (e) Define the term monopoly. [Show More]

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