The Firm (Supply) (Leaving Cert Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What are the four productive resources that firms combine to create goods and services?
What are the four productive resources that firms combine to create goods and services?
Land, labour, capital, enterprise
Which is NOT listed as an economic role of firms?
Which is NOT listed as an economic role of firms?
Set interest rates for the economy
What corporation tax rate has Ireland used as a positive incentive to attract multinationals?
What corporation tax rate has Ireland used as a positive incentive to attract multinationals?
12.5%
What is the formula for Total Revenue (TR)?
What is the formula for Total Revenue (TR)?
What does Marginal Revenue (MR) measure?
What does Marginal Revenue (MR) measure?
Additional revenue from one more unit
At what point does Marginal Cost (MC) intersect Average Cost (AC)?
At what point does Marginal Cost (MC) intersect Average Cost (AC)?
At AC's lowest point
How is the short run defined in economics?
How is the short run defined in economics?
At least one factor is fixed
What condition must be met for a firm to maximise profit?
What condition must be met for a firm to maximise profit?
If , what should a firm do to maximise profit?
If , what should a firm do to maximise profit?
Expand output
Which is an example of internal economies of scale?
Which is an example of internal economies of scale?
Bulk purchasing power
Which problem is associated with diseconomies of scale?
Which problem is associated with diseconomies of scale?
Poor communication in large firms
Which Irish company is cited as prioritising growth and market share over short-term profits?
Which Irish company is cited as prioritising growth and market share over short-term profits?
Ryanair