Key Concepts (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does economic profit signal to other firms?
What does economic profit signal to other firms?
It attracts new competitors to market
When does a firm earn normal profit?
When does a firm earn normal profit?
When average revenue equals average cost
Which situation indicates an economic loss?
Which situation indicates an economic loss?
Average revenue falls below average cost
Which is an example of explicit costs?
Which is an example of explicit costs?
Wages paid to employees
What type of cost is forgone rental income from owner's property?
What type of cost is forgone rental income from owner's property?
Implicit cost
What characterises the short run for businesses?
What characterises the short run for businesses?
At least one factor remains fixed
What key feature defines perfect competition?
What key feature defines perfect competition?
No single participant influences prices
Which market structure best describes cell phone network providers?
Which market structure best describes cell phone network providers?
Oligopoly
What defines a price taker?
What defines a price taker?
Cannot influence market prices
What does the Competition Commission investigate?
What does the Competition Commission investigate?
Restrictive practices and mergers