(Original post by tarek1)
Here are a list of questions that is everything you need to know in Unit 3 Micro.
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.