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Edexcel Economics 6. Business Behaviour

In this quiz the answers change every time you play! Guess the terms that fit these definitions
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Last updated: January 3, 2020
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First submittedSeptember 11, 2019
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Average score75.0%
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Description
Term
Where shareholders are responsible for company debt up to the nominal value of their shares
Limited Liability
Costs that do not vary with the level of output, calculated as total cost (TC) - variable cost (VC)
Fixed Costs (FC)
Internal economies of scale resulting from cheaper rates from advertising agencies, such as how a full page advert does not cost double a half page advert
Marketing Economies
The cost per unit of output feasible when all factors of production are variable
Long-Run Average Cost
A hump-shaped curve showing changes in total revenue against changes in output, at the peak of which demand is unit elastic and marginal revenue equals zero
Total Revenue Curve
That which a firm makes when average revenue equals average cost
Normal Profit
Those that growth, irrespective of profits, might benefit by granting them higher pay, status, and power
Managers
That which firms might do so as to ensure their products are being sold, and sold well, while also stifling its rival companies' ability to compete
Forward Vertical Integration
A short-run law that an increase in one of a firm's factors of production when the other factor(s) remains fixed, will eventually lead to the firm deriving diminishing marginal returns from the variable factor
Law of Diminishing Returns
Internal economies of scale resulting from large firms' distribution costs being lower per-unit
Selling Economies
A market situation in which all participants are numerous and well informed enough such that no party is able to exert control on prices, and monopolies are not present
Perfect Competition
A monopoly that arises in an industry in which such substantial economies of scale are present that only one firm is viable
Natural Monopoly
Diseconomies of scale that arise from the expansion of an industry in which firms are operating
External Diseconomies of Scale
That which firms might do so as to ensure control over the supply of and price of materials
Backward Vertical Integration
Profits that exceed normal profits
Supernormal Profits
The level of output at which the long-run average cost curve reaches its lowest point, with no further advantage to economies of scale being possible
Minimum Efficient Scale
A u-shaped curve that plots the cost of an additional unit of production against output
Marginal Cost Curve
A merger between firms or acquisition of one firm by another that is operating in a different market
Conglomerate Integration
That which affects a business's objectives in that if it has just been established it may seek just to break even, whereas if it is more well established it may look to achieve profit and expansion
Time
That which consists of all firms which produce the same type of good or service
Industry
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