OCR A Level Economics Paper 1 Microeconomics (H460/01) - 18th May 2023 [Exam Chat]

I said it wouldn’t decrease wage dofferentials because they get most of their money from shares and so cutting their pay wouldn’t do much
I said it would decrease wage differentials because they’re shareholders and want the company to do well. To do well they need to take into account what the public want which is less wage differentials
And in my judgment I think I talked about difference in skill. I waffled my way through not sure if any points I made were legit

Definition of monopoly and collusive oligopolies( tacit and cartel)
Point for monopoly being disadvantageous, mine was that compared to the free market, allocation of good and services would be less and more expensive.
Evaluate
Another Point for, mine was that, collusion is likely to not be dynamically efficiently in the short run, as firms are unlikely to research into technology and stuff with their supernormal profit as they have no incentive to.
Evaluate
Point against, natural monopolies and that.
Judgement.

Did u get that transfer earnings were more than economic rent

No I said that cleaners have elastic supply of demand because they don’t need qualifications to become a cleaner hence their economic rent has a bigger area compared to transfer earnings.

did anyone else skipped the 8 marker question

did anyone else skipped the 8 marker question

That last question messed me up 😭

I skipped it and do it at the last 5 mins

No. But I doubt I answered it well

Bro I skipped the 8 AND 12 marker😭

Did anyone do the monopoly essay if so how did you structure it

yes, in my intro i explained what monopoly and collusion is
1st para- i explained how monopoly disadvantaged consumers due to price discrimination, their main aim is to profit maximise, they’re x inefficient aswell, no close substitutes so consumers are forced to purchase from them. so basically all the characteristics ab monopoly’s that mean consumers are faced with high prices
2nd para was ab how monopoly’s benefit consumers thru their dynamic efficiency which lead to better quality products etc
3rd para- how collusion disadvantages consumers thru high prices. eg tacit collusion and price fixing
Gave the example given in the context
4th para- how collusion benefits consumers has thru legal collusion they compete in non price competition like branding/ marketing. which gives consumers better products and makes the firm dynamically efficient

oligopoly was last year so maybe it might not come up this year which is quite nice

I swr tacit collusion doesn’t make firms compete in branding and marketing as they are colluding? Could be wrong

Fairs i did yeh its bad cuz ofc not alloactivly showed on a diagram and said consuimers loose on dispoable income blah blah, however depends on contestabulity cuz if its contesable then firm will wanna keep more allocativly and reduce supernormal to ward away competitors, making prices better for them,
then good for conumses who work for monopolies as u get good job security as monpolies have profit so wont go out of buisness blah blah, but depends on contestiabulity and the extent to whcih idk mmore consumers can work for them depends whether they use the profit for dividends or exnapsion
then bad cuz not producitvly effeicent, showed on graph and then same analysis to say how creates higher prices for consumers, should have talked about consumer surplus but just showed on graph them loosing out,

however economies of scale can be good and coampred a competitve market eos to a large eos monoply showed lower prices and higher quanitities, and dynamically effeicnet can innovate providng more utility to consumers etc. however again depends how they use profit , as well as if they even care about reducing costs when they have pricing power

then judgemnet basically saying depends on contestability

should have mentioned nautral maybe but no biggy, also think i said tacit instead of intacit bit of an L

I talked about a monpsony for the 12 marker. Do you reckon I will get reasonable marks even though it mentioned about the USA?

did anyone else skipped the 8 marker question

did anyone else skipped the 8 marker question