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Edexcel Economics: Unit 3 Business Economics and Economic Efficiency (June 2014) EC03

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Original post by peter qwert
can someone post the answers to the multiple choices , thanks.

I've done them previously but I'll do them again. I'm not 100% sure if they're right so people need to confirm. Also not sure about the order.

1) Backwards vertical integration
2) Perfect competition means AR=MR for all output
3) Profit satisficing (Not sure on this)
4) A decrease in contestability
5) Sales maximisation occurs at AC=AR so 4 units.
6) Oligopoly, the answer was A, not sure what it was though.
7) Monopoly at output V it was allocatively efficient
8) The government do not need to immediately borrow money. (Not sure on this either)
Original post by Dilzo999
I've done them previously but I'll do them again. I'm not 100% sure if they're right so people need to confirm. Also not sure about the order.

1) Backwards vertical integration
2) Perfect competition means AR=MR for all output
3) Profit satisficing (Not sure on this)
4) A decrease in contestability
5) Sales maximisation occurs at AC=AR so 4 units.
6) Oligopoly, the answer was A, not sure what it was though.
7) Monopoly at output V it was allocatively efficient
8) The government do not need to immediately borrow money. (Not sure on this either)



you got 4 , 5 and 7 wrong.
what did everyone write for 9a about the market structure?
Original post by peter qwert
you got 4 , 5 and 7 wrong.

Yup, goodbye university place.
Original post by Dilzo999
Yup, goodbye university place.


youll still get marks for defintions etc.
Reply 405
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TRR
what did you put for 4 5 and 7
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Original post by rathani278
I wrote that it could merge with another manufacturer outside US so that it can lower its average cost and remain in the market. .. is it ok??

I thought the twelve marker asked for reasons why it shut down? I'm sure you'll do alright though so don't fret!!
Original post by Dilzo999
I've done them previously but I'll do them again. I'm not 100% sure if they're right so people need to confirm. Also not sure about the order.

1) Backwards vertical integration
2) Perfect competition means AR=MR for all output
3) Profit satisficing (Not sure on this)
4) A decrease in contestability
5) Sales maximisation occurs at AC=AR so 4 units.
6) Oligopoly, the answer was A, not sure what it was though.
7) Monopoly at output V it was allocatively efficient
8) The government do not need to immediately borrow money. (Not sure on this either)


The thing is for the first one I think, if I remember correctly they said something like "professional milk seller" which makes it feel like they're going to sell the other companies products for them?
I put backward vertical and changed it in the final 5 mins to forward vertical. So annoyed.
Original post by peter qwert
you got 4 , 5 and 7 wrong.


what did you write for 4, 5 and 7?
Original post by TheHenri
Did you guys also all get forward vertical? I thought it was a milk supplier merging with milk seller so forward:/ but everyone had backward.


I put vertical forwards :s-smilie: i didn't read it properly i guess
I got CECDACEA. Who remembers the order of the questions?
Original post by Dilzo999
I've done them previously but I'll do them again. I'm not 100% sure if they're right so people need to confirm. Also not sure about the order.

1) Backwards vertical integration
2) Perfect competition means AR=MR for all output
3) Profit satisficing (Not sure on this)
4) A decrease in contestability
5) Sales maximisation occurs at AC=AR so 4 units.
6) Oligopoly, the answer was A, not sure what it was though.
7) Monopoly at output V it was allocatively efficient
8) The government do not need to immediately borrow money. (Not sure on this either)


Original post by peter qwert
you got 4 , 5 and 7 wrong.

How is 4,5 ,7 wrong?? What was he meant to write?

Original post by Dilzo999
Yup, goodbye university place.


Original post by Layla Gepghry
what did you write for 4, 5 and 7?
Also do you get marks for defining forward vertical even though it seems like backward vertical was the right answer?
Original post by Layla Gepghry
what did you write for 4, 5 and 7?


4 was external economies of scale and 7 was mr equals zero.Also 8 was that private comapnies have experience.
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Original post by peter qwert
4 was external economies of scale and 7 was mr equals zero.Also 8 was that private comapnies have experience.


Thats not right i dont think mate
Original post by TRR
Thats not right i dont think mate


Agreed ^
Original post by TRR
Thats not right i dont think mate


so what is?
Sorry but you are fully wrong...
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Original post by peter qwert
so what is?



[QUOTE=Dilzo999] I've done them previously but I'll do them again. I'm not 100% sure if they're right so people need to confirm. Also not sure about the order.

1) Backwards vertical integration
2) Perfect competition means AR=MR for all output
3) Profit satisficing (Not sure on this)
4) A decrease in contestability
5) Sales maximisation occurs at AC=AR so 4 units.
6) Oligopoly, the answer was A, not sure what it was though.
7) Monopoly at output V it was allocatively efficient
8) The government do not need to immediately borrow money. (Not sure on this either)

Think he's right
Original post by peter qwert
so what is?

4 was a decrease in contestability from the potential merger
7 was allocative efficiency since Price=Mariginal cost
8 was 100% A

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