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**Economics 2012 Higher and Ordinary**

245678

Comments

  • Registered Users Posts: 60 ✭✭Iony94


    Would you say that knowing the markets , demand and supply , international trade , taxation and national income would be enough for the long questions ?


  • Registered Users Posts: 151 ✭✭JamesDundalk


    CTYIgirl wrote: »
    I've taken today off from studying. Tomorrow I'm blitzing the course, then it's exam papers all the way!

    Me three


  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    What are you guys learning for Macro?


  • Registered Users, Registered Users 2 Posts: 3,989 ✭✭✭PictureFrame


    Iony94 wrote: »
    Would you say that knowing the markets , demand and supply , international trade , taxation and national income would be enough for the long questions ?

    Possibly. Learn Elasticity and the FOP's if you have time and you should be guaranteed at least 4/5 questions!


  • Registered Users, Registered Users 2 Posts: 4,391 ✭✭✭Mysteriouschic


    I'm thinking of trying to get the rest of the short questions done. I've up to 2005 I was thinking of doing 5 years. I'm going to do micro tomorrow the whole section :).
    Do we only need current figures for the macro section? like the unemployment rate.


  • Registered Users, Registered Users 2 Posts: 1,905 ✭✭✭Chavways


    I have to do the physics and accounting courses by Monday and that only leaves me with Monday evening and tuesday for most of economics.Its going to be a slog


  • Registered Users, Registered Users 2 Posts: 170 ✭✭bobjimmy


    Is Price elasticity of supply on the course?


  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    bobjimmy wrote: »
    Is Price elasticity of supply on the course?

    I think so, hope it doesn't come though.


  • Registered Users, Registered Users 2 Posts: 4,391 ✭✭✭Mysteriouschic


    Do you reckon a long elasticity question will come up this year?


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  • Registered Users Posts: 129 ✭✭EDmon


    Dapics wrote: »

    History of economic thought the only question in the exam where you have license to write... I.e - English Format.

    For each question:

    I just make an intro paragraph and make 4/5 headings and under each heading explain a certain factor relevant to the question. I also use qoutes from notable economists where I deem it necessary under these headings.

    .

    Where did you get your quotes from ?
    And which Q does the history of economic thought normally come up with?
    Is it generally just a part c), I've seen a lot of short Qs asking about Keynes eco theories but not so often withing long Qs.


  • Registered Users Posts: 129 ✭✭EDmon


    Iony94 wrote: »
    Would you say that knowing the markets , demand and supply , international trade , taxation and national income would be enough for the long questions ?

    Q1 is Demand and supply
    Q4 is national Y
    Q6 is international trade
    Q 5 is Government and eco aims (budget etc.), which would include taxation so you'll need to do more with regards to that chapter, before you have your 4 long Qs prepared!


  • Registered Users Posts: 129 ✭✭EDmon


    I'm thinking of trying to get the rest of the short questions done. I've up to 2005 I was thinking of doing 5 years. I'm going to do micro tomorrow the whole section :).
    Do we only need current figures for the macro section? like the unemployment rate.

    Yes you need current figures before you going into the exam, unemployment is 14.5 %, but it depends what long Qs you're answering on, just learn figures for the ones you're doing!
    Also, tax etc, like how Vat went up by 2% to 23% last year
    & NAMA has paid €30. 5 billion for €72. 3 billion worth of loans. This is an average of 42% of the loan values and an average "haircut" for NAMA banks of 58%

    etc, et cetera...


  • Registered Users Posts: 129 ✭✭EDmon


    bobjimmy wrote: »
    Is Price elasticity of supply on the course?

    Yes it definitely is, the elasticity chapt. consists of:
    PED, YED, PES & CED
    they're all in your formula book.


  • Registered Users Posts: 52 ✭✭ganon


    EDmon wrote: »
    Where did you get your quotes from ?
    And which Q does the history of economic thought normally come up with?
    Is it generally just a part c), I've seen a lot of short Qs asking about Keynes eco theories but not so often withing long Qs.

    No need to over-complicate economic thought , it's really straightforward..
    All you need to know for that entire section is in the marking scheme for 2007 Q4c (http://examinations.ie/archive/markingschemes/2007/LC034ALPO00EV.pdf )

    You just need 3 or 4 points for each economist and that's it really.
    No offense to the guy who said to write in essay style with quotes and stuff, but you'd waste time doing that. Make your point, give a one or two line explanation like the marking scheme and you're sorted.


  • Registered Users, Registered Users 2 Posts: 170 ✭✭bobjimmy


    EDmon wrote: »
    Where did you get your quotes from ?
    And which Q does the history of economic thought normally come up with?
    Is it generally just a part c), I've seen a lot of short Qs asking about Keynes eco theories but not so often withing long Qs.


    I can tell you for a fact that knowing quotes of an economist will not get you any marks what so ever. English was actually on the 6th.


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  • Registered Users Posts: 151 ✭✭JamesDundalk


    bobjimmy wrote: »
    EDmon wrote: »
    Where did you get your quotes from ?
    And which Q does the history of economic thought normally come up with?
    Is it generally just a part c), I've seen a lot of short Qs asking about Keynes eco theories but not so often withing long Qs.


    I can tell you for a fact that knowing quotes of an economist will not get you any marks what so ever. English was actually on the 6th.

    Agreed. I do not understand the rationale behind quoting an economist being advantageous to any answer.


  • Registered Users Posts: 228 ✭✭NoHarm1994


    Getting absolutely fizzled after this exam!!


  • Registered Users Posts: 151 ✭✭JamesDundalk


    ganon wrote: »
    EDmon wrote: »
    Where did you get your quotes from ?
    And which Q does the history of economic thought normally come up with?
    Is it generally just a part c), I've seen a lot of short Qs asking about Keynes eco theories but not so often withing long Qs.

    No need to over-complicate economic thought , it's really straightforward..
    All you need to know for that entire section is in the marking scheme for 2007 Q4c (http://examinations.ie/archive/markingschemes/2007/LC034ALPO00EV.pdf )

    You just need 3 or 4 points for each economist and that's it really.
    No offense to the guy who said to write in essay style with quotes and stuff, but you'd waste time doing that. Make your point, give a one or two line explanation like the marking scheme and you're sorted.

    ganon, you seem to be well informed. Any recommendations as what to hone in on? What's your study plan for Economics?

    Also anyone know for drawing the graphs - pen or pencil? Or does it matter?


  • Registered Users Posts: 568 ✭✭✭Dapics


    Agreed. I do not understand the rationale behind quoting an economist being advantageous to any answer.

    I only use qoutes where It serves to help demonstrate a point. If it helps to get my point across and allows me to further elaborate on something i'd do it.

    However, like i said, i would only use quotes where i feel necessary.

    There might be no opportunity/need in the exam to. Your right.

    Anyone here planning on learning much on the law of comparitive advantage?

    I still cant get my head around the practical side of using it.


  • Registered Users Posts: 228 ✭✭NoHarm1994


    ganon, you seem to be well informed. Any recommendations as what to hone in on? What's your study plan for Economics?

    Also anyone know for drawing the graphs - pen or pencil? Or does it matter?

    Doesn't matter at all I amnt even going to use graph paper, our teacher has been an examiner for years she says that as long as the graph is correct you will get full marks regardless of pen/pencil or graph paper or not :)


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  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    Dapics wrote: »
    I only use qoutes where It serves to help demonstrate a point. If it helps to get my point across and allows me to further elaborate on something i'd do it.

    However, like i said, i would only use quotes where i feel necessary.

    There might be no opportunity/need in the exam to. Your right.

    Anyone here planning on learning much on the law of comparitive advantage?

    I still cant get my head around the practical side of using it.

    Yeah I think I will, I could do them earlier in the year but I need to go over it. I'm gonna do a fair bit of revision tomorrow. What macro questions are you learning for.


  • Registered Users Posts: 568 ✭✭✭Dapics


    EDmon wrote: »
    Where did you get your quotes from ?
    And which Q does the history of economic thought normally come up with?
    Is it generally just a part c), I've seen a lot of short Qs asking about Keynes eco theories but not so often withing long Qs.

    It's usually do to with the impacts of his thinking in the world of economics/how he revolutionized the social science.

    Some of his equations/determinations may come up in different places.

    I dunno if its ever been asked under headings relevant to it:

    I.e- For Banking, there may be a question based on keynes theory of interest rate determination and the classical, mercantilist, rate used before his arrival onto the economic scene.


  • Registered Users Posts: 568 ✭✭✭Dapics


    Martin_94 wrote: »
    Yeah I think I will, I could do them earlier in the year but I need to go over it. I'm gonna do a fair bit of revision tomorrow. What macro questions are you learning for.

    For Macro:

    I have looked over everything, except NTMA, NAMA & Taxation.

    For Micro:

    Everything except cost curves.


  • Registered Users Posts: 52 ✭✭ganon


    ganon, you seem to be well informed. Any recommendations as what to hone in on? What's your study plan for Economics?

    Also anyone know for drawing the graphs - pen or pencil? Or does it matter?

    Don't rely on predictions, no need to really remind people of that :pac:
    But to hone in on?
    A full elasticity question could be likely, although i've never seen or heard of Supply elasticity that people keep mentioning, we don't use or economics book and I don't think it's been on the papers in the last ten years (please correct me if i'm wrong!).

    Market structure will probably be a comparison, Oligopoly last year was a 'hard' one, so if they're going to ask an 'easy' one like PC, it's going to be a difficult question, so comparison with Imperfect or Monopoly, (2010 Q2c is PCvMon, the marking scheme is good, only need to change it slightly to get PCvIC), also within the comparison they might ask for the difference in shapes of demand curves (which is basically 2007 q2.c.ii)

    Demand is a question nearly every year but they often mix it with elasticity, Supply hasn't come up properly in ages so it might get a full question, but then again they probably won't have too much micro (they got a full cost question last year :( )

    FOP-I think enterprise is a strong one, look at 2008 Q3, it came up almost word for word in one of the pres, I know pres aren't a reliable indicator but the bit at the end about cutting public sector wage bill is really topical

    They're my hunches for micro and if they all come up all being doing all of them! Macro is way harder to predict seeing as it has to be kind of relevant. International Trade would be a big one, there has to be some reference to National Debt on the paper, and taxation possibly in terms of the household charge (pros cons etc).

    And just to cover my ass again, these are my hunches but i'm still studying the entire course (but in fairness it's probably the shortest LC course)


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    crap, what are good points to make about cutting the public wage sector bill? I cant find it anywhere.


  • Registered Users Posts: 151 ✭✭JamesDundalk


    Dapics wrote: »
    Agreed. I do not understand the rationale behind quoting an economist being advantageous to any answer.

    I only use qoutes where It serves to help demonstrate a point. If it helps to get my point across and allows me to further elaborate on something i'd do it.

    However, like i said, i would only use quotes where i feel necessary.

    There might be no opportunity/need in the exam to. Your right.

    Anyone here planning on learning much on the law of comparitive advantage?

    I still cant get my head around the practical side of using it.

    I get ya, I wouldn't know any quotes of economists, so wouldn't have that option unfortunately!


  • Registered Users Posts: 151 ✭✭JamesDundalk


    ganon wrote: »
    ganon, you seem to be well informed. Any recommendations as what to hone in on? What's your study plan for Economics?

    Also anyone know for drawing the graphs - pen or pencil? Or does it matter?

    Don't rely on predictions, no need to really remind people of that :pac:
    But to hone in on?
    A full elasticity question could be likely, although i've never seen or heard of Supply elasticity that people keep mentioning, we don't use or economics book and I don't think it's been on the papers in the last ten years (please correct me if i'm wrong!).

    Market structure will probably be a comparison, Oligopoly last year was a 'hard' one, so if they're going to ask an 'easy' one like PC, it's going to be a difficult question, so comparison with Imperfect or Monopoly, (2010 Q2c is PCvMon, the marking scheme is good, only need to change it slightly to get PCvIC), also within the comparison they might ask for the difference in shapes of demand curves (which is basically 2007 q2.c.ii)

    Demand is a question nearly every year but they often mix it with elasticity, Supply hasn't come up properly in ages so it might get a full question, but then again they probably won't have too much micro (they got a full cost question last year :( )

    FOP-I think enterprise is a strong one, look at 2008 Q3, it came up almost word for word in one of the pres, I know pres aren't a reliable indicator but the bit at the end about cutting public sector wage bill is really topical

    They're my hunches for micro and if they all come up all being doing all of them! Macro is way harder to predict seeing as it has to be kind of relevant. International Trade would be a big one, there has to be some reference to National Debt on the paper, and taxation possibly in terms of the household charge (pros cons etc).

    And just to cover my ass again, these are my hunches but i'm still studying the entire course (but in fairness it's probably the shortest LC course)

    Completely agree with you. I think elasticity will be a long q, also think there's a likelihood of a long supply question. However you mentioned supply and elasticity?? Not even too sure how that would work, unless it's just replacing the equation with supply changes? Still seems slightly improbable (I hope)

    I think Imperfect for Market structure, again could be misguided.

    I see them tying banking in with national income for some reason.

    International trade with a calculation on tee of trade.

    I really need an A grade, only took it up this year, haven't had a teacher but have had grinds, gone to evening classes etc. I did a pre and only got a C2, so I hope I can pull it together.

    Do your answers reflect the marking schemes answers word for word, yeah?


  • Registered Users Posts: 52 ✭✭ganon


    ganon wrote: »
    ganon, you seem to be well informed. Any recommendations as what to hone in on? What's your study plan for Economics?

    Also anyone know for drawing the graphs - pen or pencil? Or does it matter?

    Don't rely on predictions, no need to really remind people of that :pac:
    But to hone in on?
    A full elasticity question could be likely, although i've never seen or heard of Supply elasticity that people keep mentioning, we don't use or economics book and I don't think it's been on the papers in the last ten years (please correct me if i'm wrong!).

    Market structure will probably be a comparison, Oligopoly last year was a 'hard' one, so if they're going to ask an 'easy' one like PC, it's going to be a difficult question, so comparison with Imperfect or Monopoly, (2010 Q2c is PCvMon, the marking scheme is good, only need to change it slightly to get PCvIC), also within the comparison they might ask for the difference in shapes of demand curves (which is basically 2007 q2.c.ii)

    Demand is a question nearly every year but they often mix it with elasticity, Supply hasn't come up properly in ages so it might get a full question, but then again they probably won't have too much micro (they got a full cost question last year :( )

    FOP-I think enterprise is a strong one, look at 2008 Q3, it came up almost word for word in one of the pres, I know pres aren't a reliable indicator but the bit at the end about cutting public sector wage bill is really topical

    They're my hunches for micro and if they all come up all being doing all of them! Macro is way harder to predict seeing as it has to be kind of relevant. International Trade would be a big one, there has to be some reference to National Debt on the paper, and taxation possibly in terms of the household charge (pros cons etc).

    And just to cover my ass again, these are my hunches but i'm still studying the entire course (but in fairness it's probably the shortest LC course)

    Completely agree with you. I think elasticity will be a long q, also think there's a likelihood of a long supply question. However you mentioned supply and elasticity?? Not even too sure how that would work, unless it's just replacing the equation with supply changes? Still seems slightly improbable (I hope)

    I think Imperfect for Market structure, again could be misguided.

    I see them tying banking in with national income for some reason.

    International trade with a calculation on tee of trade.

    I really need an A grade, only took it up this year, haven't had a teacher but have had grinds, gone to evening classes etc. I did a pre and only got a C2, so I hope I can pull it together.

    Do your answers reflect the marking schemes answers word for word, yeah?
    Pretty much yeah, our teacher gave us alot of our notes straight from the marking schemes, you could literally learn the course from them without a book

    and @HowAreWe that public sector wage thing is in that enterprise question 2008 q3


  • Registered Users, Registered Users 2 Posts: 3,989 ✭✭✭PictureFrame


    Does anyone know if the Demand curve for a Monopolistic market structure is on the course? I know there is a demand curve for PC/IC/Oligopoly, but I haven't seen one for Monopoly yet.

    And a full Elasticity Question would be sweet! They can't really ask much, just the definitions of the 4 types (PED, YED, CED, PES). Maybe to draw the Demand curve of the different types of PED, What a result means, how to increase revenue by using Elasticity, Calculate PED, How Producers/Government/Monopolies use Elasticity. That's basically it! Definitely 75 marks in the bag for everyone if that came up!

    I'm hoping for a handy Demand question aswell, hopefully one where you have to draw the diagrams and mark the effects of increased price etc.

    I'd take anyone of the Markets (except Oligopoly).. They're all fairly similar imo!

    National Income, Circular flow <3 yess..

    Have to look over International Trade, but that's basically Reasons for Trade, Protectionism, Law of Comparative Advantage and maybe something on the History of David Ricardo!

    Come on Economics on the 20th June, I need this A1!


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    Cheers ganon.

    Here are some good topics I'd say we should all know about
    • Stock market collapse
    • Revenue Shortfall
    • Emigration
    • Interest rate reduction
    • Construction sector collapse
    • the credit crunch
    • Nationalisation of banks
    • Cross-border Shopping
    • Unemployment
    • Falling Currency Value
    • Worsening credit rating (AAA to junk status)


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  • Registered Users Posts: 125 ✭✭lorrieq


    Does anyone know if the Demand curve for a Monopolistic market structure is on the course? I know there is a demand curve for PC/IC/Oligopoly, but I haven't seen one for Monopoly yet.

    And a full Elasticity Question would be sweet! They can't really ask much, just the definitions of the 4 types (PED, YED, CED, PES). Maybe to draw the Demand curve of the different types of PED, What a result means, how to increase revenue by using Elasticity, Calculate PED, How Producers/Government/Monopolies use Elasticity. That's basically it! Definitely 75 marks in the bag for everyone if that came up!

    I'm hoping for a handy Demand question aswell, hopefully one where you have to draw the diagrams and mark the effects of increased price etc.

    I'd take anyone of the Markets (except Oligopoly).. They're all fairly similar imo!

    National Income, Circular flow <3 yess..

    Have to look over International Trade, but that's basically Reasons for Trade, Protectionism, Law of Comparative Advantage and maybe something on the History of David Ricardo!

    Come on Economics on the 20th June, I need this A1!

    Monopoly demand curve is the same as Imperfect competition short run demand curve !


  • Registered Users, Registered Users 2 Posts: 3,989 ✭✭✭PictureFrame


    lorrieq wrote: »
    Monopoly demand curve is the same as Imperfect competition short run demand curve !

    Does it look like this?

    A8ZlB.jpg


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    I'm pretty sure you can just say because its imperfect competition and products are close subs that it follows the law of demand ....so its downward sloping.


  • Registered Users, Registered Users 2 Posts: 3,989 ✭✭✭PictureFrame


    Hey, since there's not many of us, I found a really nice i.e. tough Costs question from 1978 that I did an answer to if anyone wants it? I'll put it up + the solution here anyways! Hope it helps someone! :P

    Question
    DjZnu.jpg

    Solution:
    Iaxnw.jpg


  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    I'm doing all the Micro apart from Costs, which Macro should I be concentrating on to be covered for 5 questions.

    I'm learning Taxation, International Trade, National Income, inflation....what else?


  • Registered Users Posts: 52 ✭✭ganon


    HowAreWe wrote: »
    I'm pretty sure you can just say because its imperfect competition and products are close subs that it follows the law of demand ....so its downward sloping.

    Not exactly..
    It does look like that graph, i.e. downward sloping
    But for monopoly the product is unique, so saying there are close substitutes is incorrect, but yes it does follow the law of demand

    Substitution for monopoly is very nitty-gritty, substitution does occur but the goods are not close substitutes, so demand wouldn't be very elastic (don't know if you'd consider it inelastic though)
    If you take Irish Rail as an example, there aren't any close substitutes (no either rail providers) but many people would be in the position to substitute bus travel for train

    So if they asked about the shape of a monopolist's demand curve you'd probably be best to say it's downward-sloping just because of law of demand and forget the substitution effect (and you'd more than likely have to say that the MR curve is falling at a faster rate etc.)


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    Wait....I got confused there....to me Monopolistic = Imperfect competition....

    http://en.wikipedia.org/wiki/Monopolistic_competition


  • Registered Users Posts: 125 ✭✭lorrieq


    I was just thinking of the short term equilibrium positions of monopoly and imperfect competition. Both have the same conditions, able to earn SNP. Average Revenue, and demand, is downward sloping left to right.
    And in the long run, this SNP is competed away for imperfect competition unlike long run for monopoly.


  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    Do we get the log books in the exam?


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  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    Martin_94 wrote: »
    Do we get the log books in the exam?

    yup.

    also I'm guessing you've all seen/done the 2001 paper.....wow what an easy paper that was.


  • Registered Users, Registered Users 2 Posts: 3,989 ✭✭✭PictureFrame


    Martin_94 wrote: »
    Do we get the log books in the exam?
    yep!


  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    I'm doing all the Micro apart from Costs, which Macro should I be concentrating on to be covered for 5 questions.

    I'm learning Taxation, International Trade, National Income, inflation....what else?


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    Martin_94 wrote: »
    I'm doing all the Micro apart from Costs, which Macro should I be concentrating on to be covered for 5 questions.

    I'm learning Taxation, International Trade, National Income, inflation....what else?


    National debt, Banking, Government aims & instruments and maybe Keynes,Ricardo and Smith ?

    also economic growth & development is a chapter I'm doing now and it's pretty easy.


  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    HowAreWe wrote: »
    National debt, Banking, Government aims & instruments and maybe Keynes,Ricardo and Smith ?

    also economic growth & development is a chapter I'm doing now and it's pretty easy.

    Thanks, yeah that's so easy, we'd be awful lucky if it came up.


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    Martin_94 wrote: »
    Thanks, yeah that's so easy, we'd be awful lucky if it came up.


    Probably won't but it often comes up in short Q's anyway


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  • Closed Accounts Posts: 1,323 ✭✭✭Cruel Sun


    HowAreWe wrote: »
    Probably won't but it often comes up in short Q's anyway

    My teacher said it might come as a full, but most probably next year, so we might miss out. Elasticity's pretty much gauranteed this year so that's a fairly nice one anyway.


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    Martin_94 wrote: »
    My teacher said it might come as a full, but most probably next year, so we might miss out. Elasticity's pretty much gauranteed this year so that's a fairly nice one anyway.


    Elasticity would be lovely alright.
    Any micro is nice IMO, I just don't like when they mix micro and macro up :S


  • Registered Users Posts: 52 ✭✭ganon


    HowAreWe wrote: »
    Wait....I got confused there....to me Monopolistic = Imperfect competition....

    http://en.wikipedia.org/wiki/Monopolistic_competition

    Woah careful :pac: Monopoly and monopolistic competition are very different
    http://answers.yahoo.com/question/index?qid=20081119221411AAwZFEb

    Monopolistic competition is not on our course, any reference to 'monopoly' or 'monopolistic' in the leaving cert course (and this thread) is refering to Monopoly

    Monopoly is an extreme market structure, it's kind of the opposite of PC, and neither really exist, you can get markets that are very close but I don't think any market would fully fit the criteria

    Have you learned Monopoly or did you just presume it was the same thing as Imperfect Competition?


  • Registered Users, Registered Users 2 Posts: 659 ✭✭✭HowAreWe


    ganon wrote: »
    Have you learned Monopoly or did you just presume it was the same thing as Imperfect Competition?


    No no I have, I just didn't pay attention when I was answering earlier in the thread, when I saw monopolistic I just thought Imperfect in my head because all my notes for Imperfect have the heading Monopolistic Competition, thats why I was talking about close substitues for the demand curve..... just a silly mistake :pac: I'll just keep to IC now, avoids confusion.


  • Registered Users Posts: 151 ✭✭JamesDundalk


    HowAreWe wrote: »
    ganon wrote: »
    Have you learned Monopoly or did you just presume it was the same thing as Imperfect Competition?


    No no I have, I just didn't pay attention when I was answering earlier in the thread, when I saw monopolistic I just thought Imperfect in my head because all my notes for Imperfect have the heading Monopolistic Competition, thats why I was talking about close substitues for the demand curve..... just a silly mistake :pac: I'll just keep to IC now, avoids confusion.

    Monopolistic is basically Imperfect, distinct from Monopoly, I think.

    Also in Monopoly markets - the extreme, the structure of Monopoly markets is pretty much identical to Imperfect competition short run.

    I've just been doing structures all day:(


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