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    Hi, haven't seen an official discussion thread for this yet, only small ones.
    How are you guys feeling? Any questions you wanna ask fellow students?
    I'm really nervous for this exam, But unit 1 2 and 4 should make up for the bad result I will get What do you guys think is gonna come up?
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    I'm really hoping for an oligopoly question!
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    (Original post by marioandluigi)
    I'm really hoping for an oligopoly question!
    Oligopoly did come up last year so perhaps it won't this year.
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    hate oligopolies... can do everything else apart from that and the odd competition policy q that for some odd reason confuses the heck out of me.

    Hope price discrimination, monopolies, perfect comp, labour markets/ income inequality come up. they will literally be a gift from god lmfao
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    I think monopolies is going to come up big time this year
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    it was a essay question in 2014 but probably in a global or european context it will come up maybe if you look at past reports whatever wasn't done well they're most likely going to bring that topic up,
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    Has anyone got any exam exemplars or tips on how to answer questions?
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    Also what exactly do we have to knoe about game theory prisoners dilemma? and how can I relate it to the question in my answer?
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    the game theory is to do with ologopolies and colluding where if firms act against each other they both will not win and will just lower their own prices down and thus revenues and profits as a result.
    however, if they both decide to work together and collude, they can raise prices together, this means that customers will not benefit, only the firms benefit. the firms will benefit from higher revenue and profits.

    however, as somebody mentioned above, oligopoly came up last year.
    so it is unlikekly that this will come up again
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    I really hope a question on competition policy or CBA comes up, they're the only things I'm properly learning about. The rest is extremely vague to me, I couldn't talk about anything else in detail. Still predicted an a* though lmao
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    Anybody got notes for poverty/inequality? Would be useful
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    (Original post by CharlieeY)
    I really hope a question on competition policy or CBA comes up, they're the only things I'm properly learning about. The rest is extremely vague to me, I couldn't talk about anything else in detail. Still predicted an a* though lmao


    Haha no I hate competition policy Idek how to use it o_0 and what did you get last year ? just out of interest


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    (Original post by Anymorefor123)
    Haha no I hate competition policy Idek how to use it o_0 and what did you get last year ? just out of interest


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    I got 100 UMS in Unit 1 and 80 UMS in Unit 2. I honestly don't know how, I think its because I did every multiple choice ever so could answer every possible question. I've been the worst in my class all year, hopefully if these two things I'm revising come up I can do as well as last year hahaha
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    (Original post by CharlieeY)
    I got 100 UMS in Unit 1 and 80 UMS in Unit 2. I honestly don't know how, I think its because I did every multiple choice ever so could answer every possible question. I've been the worst in my class all year, hopefully if these two things I'm revising come up I can do as well as last year hahaha

    Woah you got full ums man ! You couldn't have just got that with good mcq marks haha ! Do you have any model answers for competition policy that you've written ?.. Seeing as you enjoy it so much 😂


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    (Original post by Anymorefor123)
    Woah you got full ums man ! You couldn't have just got that with good mcq marks haha ! Do you have any model answers for competition policy that you've written ?.. Seeing as you enjoy it so much 😂


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    Sadly not, literally just started revising it this morning, economicshelp and "econplusdal" on youtube are good resources ive found though
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    Trade Unions and Monopsony employers could be involved in a question
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    (Original post by Paddyyyy)
    Trade Unions and Monopsony employers could be involved in a question
    Yeah thats what ive been thinking
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    Saw this in an Examiner's Report : 'The point isthat in the short run any move from the price and output determined by MC =MR would give lessthan maximum profit'. Could someone explain it to me please I dont understand the wording!
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    (Original post by badgyal)
    Saw this in an Examiner's Report : 'The point isthat in the short run any move from the price and output determined by MC =MR would give lessthan maximum profit'. Could someone explain it to me please I dont understand the wording!
    Hm that's slightly odd .. The only thing I could possibly think he's referring to is that in the short run in perfect comp for example where normal profits are made... If you shifted away from that level p= mc or MC= AR.. Then you'd experience a fall in profits because either you'd lower your price or if you raised it consumers would switch to the cheaper producers ...

    My thoughts on it - could be wrong


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    (Original post by badgyal)
    Saw this in an Examiner's Report : 'The point isthat in the short run any move from the price and output determined by MC =MR would give lessthan maximum profit'. Could someone explain it to me please I dont understand the wording!
    If MC>MR then they are not maximizing there potential revenue. and if MR>MC then prices will be very low. therefore in the short run MC=MR is the profit maximizing point
 
 
 

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