![]() Oligopoly can be defined in terms of market structure or in terms of market conduct.Of firms, the degree of product differentiation and ease of Oligopolistic markets can be very different in relation to, for example, the number.The main characteristics of oligopolistic markets.Economic methodology and the economic problem Economic methodology They should appreciate and be able to assess the impact that developments in the European Union and in the global economy have upon microeconomic behaviour and performance. They should be able to apply their knowledge and skills to a wide variety of situations and to different markets and examples of market failure, including environmental and labour market failures. Students will be expected to understand that traditional economic theory generally assumes that economic agents act rationally but they should also be introduced to models that recognise that consumer and firms’ behaviour is often governed by more complex influences.ĭuring their course of study, students should be provided with opportunities to use economic models to explore current economic behaviour. Operation of labour markets, wage determination and causes of inequalities in the Students will need to demonstrate a realistic understanding of theĭecisions made by firms and how their behaviour can be affected by the structure andĬharacteristics of the industry in which they operate. ![]() Price mechanism and the causes of market failure are central to this part of the Models such as demand and supply, perfect competition, monopoly, the operation of the Microeconomic models and to apply these to current problems and issues. Students will be required to acquire knowledge and understanding of a selection of This section of the specification is primarily about microeconomics. Published 18 November 2021 | PDF | 878.6 KB 4.1 Individuals, firms, markets and market failure
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