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    (Original post by BirdIsWord)
    What was the wording of the question?
    cant remember but was the perfect comp and efficiency one
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    (Original post by Jamyes)
    I thought concentrated markets was talking about perfect competition not oligopolies
    No man.
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    (Original post by BirdIsWord)
    No man.
    woow i did monopoly vs perfect competition
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    (Original post by Jamyes)
    woow i did monopoly vs perfect competition
    PC v Monopoly is pretty much evaluating monopoly, so you're fine there.
    But the fact you misunderstood the question may harm it. dw tho
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    (Original post by BirdIsWord)
    PC v Monopoly is pretty much evaluating monopoly, so you're fine there.
    But the fact you misunderstood the question may harm it. dw tho
    how you sure it was oligopoly what made you reach that conclusion
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    (Original post by Jamyes)
    how you sure it was oligopoly what made you reach that conclusion
    Concentrated markets mean few firms with large share..
    Thats p much the definition of oligopoly
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    (Original post by BirdIsWord)
    Concentrated markets mean few firms with large share..
    Thats p much the definition of oligopoly
    **** my life
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    you won't lose marks if you don't mention oligopolies I dont think, because in the question, it didn't explicitly mention that you have to talk about both. Normally, it says AND (in capitals) and BOTH if it wants you to mention both, so it's not too bad
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    Is there a thread for ECON4?
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    (Original post by badgyal)
    Is there a thread for ECON4?
    yea look on page 25 or 26
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    My teacher thinks the question is gonna be about the Eurozone rather than the EU. Does anyone else have any predictions?
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    lads for the essay 1 on section 2 on perfect competition the question was

    'Using economic theory, explain why perfectly competitive firms are allocatively efficient' So i thought you would talk about being socially desirble as perfect info, etc
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    Also what do we have to know about terms of trade? never really been taught it
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    How did everyone explain what is meant by 'returns to scale'? (it's a 15 mark question) Would I lose many marks if I didn't mention how the scale of production is increased through investment of machinery/capital and focused more on economies of scale and costs in general?
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    (Original post by BirdIsWord)
    It said Monopoly power AND concentrated markets.
    Why would it say concentrated markets if it only wanted you to mention oligopoly?
    Either way, 95% of my essay was on Monopoly. Like i said, I only wrote like 6 lines on oligopoly.
    I didn't say it wanted you to mention oligopoly, well it did but I think they wanted you to mention for monopoly..anyway it's done, any predictions for unit 4?


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    (Original post by Anonymous_18)
    I didn't say it wanted you to mention oligopoly, well it did but I think they wanted you to mention for monopoly..anyway it's done, any predictions for unit 4?


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    Nah.. Could ask literally anything.. I need to look through past papers
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    (Original post by BirdIsWord)
    Nah.. Could ask literally anything.. I need to look through past papers
    Maybe the EU might come up because of the referendum? Is there a unit 4 thread, can't find it


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    (Original post by meimaths123)
    lads for the essay 1 on section 2 on perfect competition the question was

    'Using economic theory, explain why perfectly competitive firms are allocatively efficient' So i thought you would talk about being socially desirble as perfect info, etc
    I'm pretty sure it said "an efficient allocation of resources", is that the same as allocative efficiency or could it include productive efficiency too? Grasping for straws here lol
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    (Original post by Flapjack75)
    I'm pretty sure it said "an efficient allocation of resources", is that the same as allocative efficiency or could it include productive efficiency too? Grasping for straws here lol
    It did say efficient allocation of resources, idk if what i did was any good tho.

    I nailed the 25 marker for that essay, brought in real world context i.e. market concentration allowing dynamic efficiency (monopoly power = supernormal = invest r&d) in factories but also poor quality e.g VolksWagen having to recall thousands after cutting corners in production line
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    (Original post by alevelting)
    It did say efficient allocation of resources, idk if what i did was any good tho.

    I nailed the 25 marker for that essay, brought in real world context i.e. market concentration allowing dynamic efficiency (monopoly power = supernormal = invest r&d) in factories but also poor quality e.g VolksWagen having to recall thousands after cutting corners in production line
    The question was why is it allocatively efficient..not about the allocation of resources..


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