A-Level CAIE Economics A2 7.6.4—Firm performance by market structure Question Bank

• Performance of firms in different market structures:

- revenues and revenue curves

- output in the short run and the long run

- profits in the short run and the long run

- shutdown price in the short run and the long run

- derivation of a firm's supply curve in a perfectly competitive market

- efficiency and X-inefficiency in the short run and the long run

- contestable markets: features and implications

- price competition and non-price competition

- collusion and the Prisoner's Dilemma in oligopolistic markets, including a two-player pay-off matrix