UOL Introduction to Economics Tuition By Gold Medal Award Economics Tutor in Singapore

 

SMS 9758-7925 (Whatsapp/ SMS) or email enquiry@starcresto.com for UOL Introduction to Economics tuition.


Background

We devised our own teaching methodology specially for UOL Introduction to Economics. The notes, along with the guided help from our tuition have helped many passed with flying colours.

With a total of 15 years experience in teaching and tutoring, the tutor trainer has trained a group of tutors who coach students and working adults. Only tutors who have review score of more than 4 out of 5 are retained to ensure quality of starCresto Tutors. We currently have ex NIE trained teachers, ex lecturers and many other qualified economics professionals under our wings.


We offer both one-to-one and group tuition. For group tuition, the optimal number of students per class is between 4 to 6. Please form your own group because this will facilitate our teaching methodology.

Teaching Methodology:

1. Understanding concepts and application of concept to questions
2. Developing graphing skills
3. Identifying exam trends and skills (Questions spotting)
4. Practicing variety of questions to prepare you for your exam
5. Simplifying difficult concepts
6. Identifying and improving your weakness

SMS 9758-7925 (Whatsapp/ SMS) or email enquiry@starcresto.com for tuition.


Student's Profile

> Tertiary Student --
**Poly / JC (NYP, RP, SP, TP, NP, MDIS, Informatics, SIM, SAS, ACSI)
**University (NTU, NUS, SMU, Imperial College, London School of Economics, University of Durham, Uni SIM, UOL, RMIT, SAS, MDIS, University of Southern Australia, James Cook University, University of Newcastle, London School of Economics, Manchester Business School, University of Nottingham, Melbourne Business School)
**Master (Insead, Singapore Management University, NTU, UCLA, UC Berkeley, Manchester, Uni of Southern Australia, Uni of Buffalo, Uni of Adelaide, NUS, University of State of New York)
> Working Adults -- Managers, Deputy Directors, Managing Directors, Doctors, Divisional Directors, Auditors, Analyst, Credit Advisor, AVP


Tutors’ Trainer’s Profile
> Name -- Valerie Chai Hui Yee
> O Level -- 8 Distinctions for O'Level
> Diploma -- Singapore Polytechnic: Merit Diploma, Honours Roll, SIM Award, Singapore Polytechnic and School of Business Scholar

> Degree -- Nanyang Business School, NTU: First Class Honours, Dean List, C.H. Wee Gold Medal, Sumitomo Banking Corporation Scholar

> Post Graduate -- Chartered Financial Analyst (CFA), High Honours for Advanced Valuation in New York University (NYU) Stern Business School,Machine Learning in Business Application from Massachusetts Institute of Technology (MIT)

> Experience -- 15 years as tutor, 5 years as Corporate Trainer
> Status -- Full time tutor / trainer



UOL Modules that are taught by Us:

1. UOL Introduction to Economics
2. UOL Macro Economics
3. UOL Micro Economics
4. UOL Elements of Econometrics
5. UOL Managerial Economics

6. UOL Principles of Banking & Finance
7. UOL Corporate Finance
8. UOL Financial Management
9. UOL Value Security Analysis
10. UOL Investment Management

11. UOL Principles of Accounts
12. UOL Audit
13. UOL Management Accounting

14. UOL Statistics 1
15. UOL Statistics 2
16. UOL Maths 1
17. UOL Maths 2

For more information, you can visit

1. UOL Tuition: www.uoltuition.com
2. About Us: www.starcresto.com

UOL Introduction to Economics Tutors in Singapore

SMS Val @ 9758-7925 or email enquiry@starcresto.com for UOL Introduction to Economics, UOL Micro Economics, UOL Macro Economics, UOL Managerial Economics, UOL Elements of Econometrics Tuition. 

Background

We devised our own teaching methodology specially for UOL Introduction to Economics, UOL Micro Economics, UOL Macro Economics, UOL Managerial Economics, UOL Elements of Econometrics students. The notes, along with the guided help from our tuition have helped many passed with flying colours.

With a total of 12 years experience in teaching and tutoring, the tutor trainer has trained a group of tutors who coach students and working adults. Only tutors who have review score of more than 4 out of 5 are retained to ensure quality of starCresto Tutors. We currently have ex NIE trained teachers, ex lecturers and many other qualified economics professionals under our wings.

We offer both one-to-one and group tuition. For group tuition, the optimal number of students per class is between 4 to 6. Please form your own group because this will facilitate our teaching methodology.

Teaching Methodology

1. Understanding concepts and application of concept to questions

2. Developing graphing skills 

3. Identifying exam trends and skills (Questions spotting) 

4. Practicing variety of questions to prepare you for your exam 

5. Simplifying difficult concepts 

6. Identifying and improving your weakness 

Do contact me at 9758-7925 or email enquiry@starcresto.com for tuition. 

Student's Profile

> Tertiary Student -- 

**Poly / JC (NYP, RP, SP, TP, NP, MDIS, Informatics, SIM, SAS, ACSI) 

**University (NTU, NUS, SMU, Imperial College, London School of Economics, University of Durham, Uni SIM, UOL, RMIT, SAS, MDIS, University of Southern Australia, James Cook University, University of Newcastle, London School of Economics, Manchester Business School, University of Nottingham, Melbourne Business School) 

**Master (Insead, Singapore Management University, NTU, UCLA, UC Berkeley, Manchester, Uni of Southern Australia, Uni of Buffalo, Uni of Adelaide, NUS, University of State of New York) 

> Working Adults -- Managers, Deputy Directors, Managing Directors, Doctors, Divisional Directors, Auditors, Analyst, Credit Advisor, AVP 

Tutors’ Trainer’s Profile

> Name -- Valerie Chai Hui Yee

> O Level -- 8 Distinctions for O'Level

> Diploma -- Singapore Polytechnic: Merit Diploma, Honours Roll, SIM Award, Singapore Polytechnic and School of Business Scholar 

> Degree -- Nanyang Business School: First Class Honours, Dean List, C.H. Wee Gold Medal, Sumitomo Banking Corporation Scholar 

> Post Graduate -- Completed Certified Financial Analyst 

> Experience -- 12 years as tutor, 5 years as Corporate Trainer 

> Status -- Full time tutor / trainer

UOL Modules that are taught by Us:

1. UOL Introduction to Economics

2. UOL Macro Economics

3. UOL Micro Economics

4. UOL Elements of Econometrics

5. UOL Managerial Economics

6. UOL Principles of Banking & Finance

7. UOL Corporate Finance

8. UOL Financial Management

9. UOL Value Security Analysis

10. UOL Investment Management

11. UOL Principles of Accounts

12. UOL Audit

13. UOL Management Accounting

14. UOL Statistics 1

15. UOL Statistics 2

16. UOL Maths 1

17. UOL Maths 2

For more information, you can visit 

1. UOL Tuition: www.uoltuition.com

2. About Us: www.starcresto.com

UOL Introduction to Economics Tuition in Singapore by Full time, First Class Honours Graduate Tutor. SMS 9758-7925 for tuition!

Sign up for intro to econs lessons at: http://www.uoltuition.com/sign-up-for-intro-to-econs.html

Having problems with understanding Hicksian or Slutsky, budget surplus or deficit etc? SMS Val @ 9758-7925 or email enquiry@starcresto.com for tuition. 

Background
LSE (UOL) Introduction to Economics has a very high failure rate due to complexity of the module. Many faced problems trying to grasp the concept of the graphs and calculations. As such, I used my own teaching materials for Introduction to Economics module for UOL students. The notes, along with the guided help from my tuition have helped many passed with flying colours.

I have 11 years of teaching experience and has specialized in UOL economics tuition for the past 4 years. I provide extra exercises, detailed explanations and tutorials for my students. 

I offer both one-to-one and group tuition. For group tuition, the optimal number of students per class is between 4 to 6. Please form your own group because this will facilitate my teaching methodology. 

Teaching Methodology: 

1. Understanding concepts and application of concept to questions 
2. Developing graphing skills 
3. Identifying exam trends and skills (Questions spotting) 
4. Practicing variety of questions to prepare you for your exam 
5. Simplifying difficult concepts 
6. Identifying and improving your weakness 
Do contact me at 9758-7925 or email tutor@tertiarytuition.com for tuition. 

Student's Profile: 

> Tertiary Student --
**Poly / JC (NYP, RP, SP, TP, NP, MDIS, Informatics, SIM, SAS, ACSI)
**University (NTU, NUS, SMU, Imperial College, London School of Economics, University of Durham, Uni SIM, UOL, RMIT, SAS, MDIS, University of Southern Australia, James Cook University, University of Newcastle, London School of Economics, Manchester Business School, University of Nottingham, Melbourne Business School)
**Master (Insead, Singapore Management University, NTU, UCLA, UC Berkeley, Manchester, Uni of Southern Australia, Uni of Buffalo, Uni of Adelaide, NUS, University of State of New York)
> Working Adults -- Managers, Deputy Directors, Managing Directors, Doctors, Divisional Directors, Auditors, Analyst, Credit Advisor, AVP

Tutor's Profile: 
> Name -- Valerie Chai Hui Yee 
> O Level -- 8 Distinctions for O'Level 
> Diploma -- Singapore Polytechnic: Merit Diploma, Honours Roll, SIM Award, Singapore Polytechnic and School of Business Scholar 
> Degree -- Nanyang Business School: First Class Honours, Dean List, C.H. Wee Gold Medal, Sumitomo Banking Corporation Scholar 
> Post Graduate -- Certified Financial Analyst: CFA L1 
> Experience -- 11 years of tutoring, Corporate Trainer 
> Status -- Full time tutor 


UOL Modules that are taught by Us:

1. Introduction to Economics
2. Principles of Banking & Finance
3. Corporate Finance
4. Financial Management
5. Principles of Accounts
6. Statistics 1
7. Statistics 2
8. Maths 1
9. Maths 2
10. Elements of Econometrics

For more information, you can visit 
www.tertiarytuition.com or 
www.starcresto.com or 
www.uoltuition.com or 
www.findtuitionteachers.com

UOL Introduction to Economics Tutors in Singapore

UOL Introduction to Economics Tuition in Singapore

Need help with your Intro to Econs in UOL? SMS Val @ 9758-7925 or email enquiry@starcresto.com for tuition.

Background
I have been teaching Intro to Econs full time for 10 years and have grasped what is important for the exam. I have successfully spotted questions that will come out over the past years. I have also participated in marking prelim papers and thus knows the marking scheme well enough to recommend you what to write in order to score. 

I've also trained up a group of tutors who are familiar with UOL modules to teach introduction to Econs. 

Many students had benefitted from our teaching and had referred their friends to us. UOL modules are not easy. If you need help, do SMS me at 9758-7925 for tuition.

We offer both one-to-one and group tuition. For group tuition, the optimal number of students per class is between 4 to 6. Please form your own group because this will facilitate our teaching methodology.


Teaching Methodology:

1. Understanding concepts and application of concept to questions
2. Developing graphing skills
3. Identifying exam trends and skills (Questions spotting)
4. Practising varierty of questions to prepare you for your exam
5. Simplifying difficult concepts
6. Identifying and improving your weakness

Do contact me at 9758-7925 or email val@starcresto.com or tutor@tertiarytuition.com for tuition.

Student's Profile:

> Tertiary Student --
**Poly / JC (NYP, RP, SP, TP, NP, MDIS, Informatics, SIM, SAS, ACSI)
**University (NTU, NUS, SMU, Imperial College, London School of Economics, University of Durham, Uni SIM, UOL, RMIT, SAS, MDIS, University of Southern Australia, James Cook University, University of Newcastle, London School of Economics, Manchester Business School, University of Nottingham, Melbourne Business School)
**Master (Insead, Singapore Management University, NTU, UCLA, UC Berkeley, Manchester, Uni of Southern Australia, Uni of Buffalo, Uni of Adelaide, NUS, University of State of New York)
> Working Adults -- Managers, Deputy Directors, Managing Directors, Doctors, Divisional Directors, Auditors, Analyst, Credit Advisor, AVP

Tutor's Trainer Profile:

> Name -- Valerie Chai Hui Yee 
> O Level -- 8 Distinctions for O'Level 
> Diploma -- Singapore Polytechnic: Merit Diploma, Honours Roll, SIM Award, Singapore Polytechnic and School of Business Scholar 
> Degree -- Nanyang Business School NTU: First Class Honours, Dean List, C.H. Wee Gold Medal, Sumitomo Banking Corporation Scholar 
> Post Graduate -- Certified Financial Analyst: CFA L1 
> Experience -- 10 years tutoring, 3 years Tutor Training (Training up other tutors to teach) 
> Status -- Full time 

UOL Modules that are taught by Us:

1. Introduction to Economics
2. Principles of Banking & Finance
3. Corporate Finance
4. Financial Management
5. Principles of Accounts
6. Statistics 1
7. Statistics 2
8. Maths 1
9. Maths 2
10. Elements of Econometrics

To know more about UOL tuition, visit www.uoltuition.com

For more information, you can visit visit www.tertiarytuition.com or www.starcresto.com

Perfect Competition - How to write good answer for UOL Introduction To Economics Exam? SMS +65 97587925 for tuition!

Need help in your UOL Introduction to Economics? It is never too late to seek help. SMS +65 97587925 or email enquiry@starcresto.com for tuition
______________________________________________________________________________

What is Perfect Competition:

An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

Perfect competition a market structure characterized by a large number of firms so small relative to the overall size of the market, such that no single firm can affect the market price or quantity exchanged. Perfectly competitive firms are price takers. They set a production level based on the price determined in the market. If the market price changes, then the firm re-evaluates its production decision. This means that the short-run marginal cost curve of the firm is its short-run supply curve.

Characteristics

The four characteristics of perfect competition are: (1) large number of small firms, (2) identical products, (3) perfect resource mobility, and (4) perfect knowledge.

• Large Number of Small Firms: A perfectly competitive industry contains a large number of small firms, each of which is relatively small compared to the overall size of the market. This ensures that no single firm can exert market control over price or quantity. If one firm decides to double its output or stop producing entirely, the market is unaffected. The price does not change and there is not discernible change in the quantity exchanged in the market.


• Identical Products: Each firm in a perfectly competitive market sells an identical product, what is often termed "homogeneous goods." The essential feature of this characteristic is not so much that the goods themselves are exactly, perfectly the same, but that buyers are unable to discern any difference. In particular, buyers cannot tell which firm produces a given product. There are no brand names or distinguishing features that differentiate products.


• Perfect Resource Mobility: Perfectly competitive firms are free to enter and exit an industry. They are not restricted by government rules and regulations, start-up cost, or other barriers to entry. While some firms incur high start-up cost or need government permits to enter an industry, this is not the case for perfectly competitive firms. Likewise, a perfectly competitive firm is not prevented from leaving an industry as is the case for government-regulated public utilities.


• Perfect Knowledge: In perfect competition, buyers are completely aware of sellers' prices, such that one firm cannot sell its good at a higher price than other firms. Each seller also has complete information about the prices charged by other sellers so they do not inadvertently charge less than the going market price. Perfect knowledge also extends to technology. All perfectly competitive firms have access to the same production techniques. No firm can produce its good faster, better, or cheaper because of special knowledge of information.

Demand and Revenue

Demand Curve, Perfect Competition

The four characteristics of perfect competition mean a perfectly competitive firm faces a horizontal or perfectly elastic demand curve, such as the one displayed in the exhibit to the right.

Each firm in a perfectly competitive market is a price taker and can sell all of the output that it wants at the going market price, in this case $2.50. A firm is able to do this because it is a relatively small part of the market and its output is identical to that of every other firm. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one.

Because it can sell all of the output it wants at the going market price, it has no reason to charge less. If it tries to charge more than the going market price, then buyers can simply buy output from any of the large number of perfect substitutes produced by other firms.

Because the price facing a perfectly competitive firm is unrelated to the quantity of output produced and sold, this price is also equal to the marginal revenue and average revenue generated by the firm. If a firm is able to sell any quantity of output for $2.50 each, then the average revenue, revenue per unit sold, is also $2.50. Moreover, each additional unit of output sold, marginal revenue, generates an extra $2.50.

Short-Run Production

Short-Run Production, Perfect Competition

The analysis of short-run production by a perfectly competitive firm provides insight into market supply. The key assumption is that a perfectly competitive firm, like any other firm, is motivate by profit maximization. The firm chooses to produce the quantity of output that generates highest possible level of profit, based on price, market demand, cost conditions, production technology, etc.

The short-run production decision for perfect competition can be illustrated using the exhibit to the right. The top panel indicates the two sides of the profit decision--revenue and cost. The straight green line is total revenue. Because price is constant, the total revenue curve is a straight line. The curved red line is total cost. The shape of the total cost curve is based on increasing then decreasing marginal returns. The difference between total revenue and total cost is profit, which is illustrated by the lower panel as the brown line.

A firm maximizes profit by selecting the quantity of output that generates the greatest gap between the total revenue line and the total cost line in the upper panel, or at the peak of the profit curve in the lower panel. In this example, the profit maximizing output quantity is 7. Any other level of production generates less profit.

Supply and Marginal Cost

A key implication obtained from the short-run analysis of perfection competition is positive relation between price and the quantity of output supplied. In particular, the supply curve for a perfectly competitive firm is positively sloped.

This relation is generated for two reasons:

• First, a perfectly competitive firm produces the quantity of output that equates price and marginal cost.


• Second, the marginal cost curve, guided by the law of diminishing marginal returns, is positively sloped.

Taken together these two observations indicate that a higher price entices a perfectly competitive firm to increase the quantity of output produced and supplied. In particular, a perfectly competitive firm's marginal cost curve is also its supply curve.

This conclusion, however, only applies to perfect competition. Firms operating in market structures that do not equate price and marginal cost, but rather equate marginal revenue and marginal cost. As such, the marginal cost curve is not the supply curve for the firm.

Long-Run Production

In the long run, with all inputs variable, a perfectly competitive industry reaches equilibrium at the output that achieves the minimum efficient scale, that is, the minimum of the long run average cost curve. This is achieved through a two-fold adjustment process.

• The first of the folds is entry and exit of firms into and out of the industry. This ensures that firms earn zero economic profit and that price is equal to average cost.


• The second of the folds is the pursuit of profit maximization by each firm in the industry. This ensures that firms produce the quantity of output that equates price (and marginal revenue) with short-run and long-run marginal cost.

The end result of this long-run adjustment is a multi-faceted equilibrium condition:

P = AR = MR = MC = LRMC = ATC = LRAC

This condition means that the market price (which is also equal to a firm's average revenue and marginal revenue) is equal to marginal cost (both short run and long run) and average cost (both short run and long run). With price equal to marginal cost, each firm is maximizing profit and has no reason to adjust the quantity of output or factory size. With price equal to average cost, each firm in the industry earns only a normal profit. Economic profit is zero and there are no economic losses, meaning no firm is inclined to enter or exit the industry.

A Benchmark of Efficiency

Perfect competition is an idealized market structure that achieves an efficient allocation of resources. Although unrealistic, the characteristics of perfect competition ensure efficiency. In fact, a primary purpose of perfect competition is to illustrate perfection, to illustrate the best of all possible resource allocation worlds, and to provide a benchmark for comparison with real world market structures that inevitably fall short of this perfection.Efficiency is achieved with perfect competition because the price is equal to marginal cost. Price indicates the value of the good produced and thus the satisfaction a generated from production. Marginal cost indicates the opportunity cost of goods not produced and thus the satisfaction lost from foregone production.
Because the satisfaction obtained (price) is equal to satisfaction foregone (marginal cost) overall satisfaction cannot be increased by increasing or decreasing production. If price and marginal cost are not equal, then satisfaction can be increased by changing production.

The Other Three Market Structures

Market Structure Continuum

Perfect competition is one of four common market structures. The other three are: monopoly, oligopoly, and monopolistic competition. The exhibit to the right illustrates how these four market structures form a continuum based on the relative degree of market control and the number of competitors in the market. At the far left of the market structure continuum is perfect competition, characterized by many competitors and no market control.

• Monopoly: To the far right of the market structure continuum is monopoly, characterized by a single competitor and extensive market control. Monopoly contains a single seller of a unique product with no close substitutes. The demand for monopoly output is THE market demand.


• Oligopoly: In the middle of the market structure continuum, residing closer to monopoly, is oligopoly, characterized by a small number of relatively large competitors, each with substantial market control. A substantial number of real world markets fit the characteristics of oligopoly.


• Monopolistic Competition: Also in the middle of the market structure continuum, but residing closer to perfect competition, is monopolistic competition, characterized by a large number of relatively small competitors, each with a modest degree of market control. A substantial number of real world markets fit the characteristics of monopolistic competition.

The four key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) perfect resource mobility or the freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology.

These four characteristics mean that a given perfectly competitive firm is unable to exert any control whatsoever over the market. The large number of small firms, all producing identical products, means that a large (very, very large) number of perfect substitutes exists for the output produced by any given firm.
This makes the demand curve for a perfectly competitive firm's output perfectly elastic. Freedom of entry into and exit out of the industry means that capital and other resources are perfectly mobile and that it is not possible to erect barriers to entry. Perfect knowledge means that all firms operate on the same footing, that buyers know about all possible perfect substitutes for a given good and that firms actually do produce identical products.

Large Number of Small Firms

A perfectly competitive market or industry contains a large number of small firms, each of which is relatively small compared to the overall size of the market. This ensures that no single firm can exert market control over price or quantity. If one firm decides to double its output or stop producing entirely, the market is unaffected. The price does not change and there is no discernible change in the quantity exchanged.

How many firms are needed in a perfectly competitive industry, such that each is so small it has absolute no market control? There is no actual number that answers this question. This is due partly to the fact that perfect competition is an idealized market structure that does not exist in the real world. It is also partly due to the notion that the number of firms is not as important as the result... that no firm has market control.

Here are two extreme examples that will help illuminate this notion. Example 1 is Phil's home grown zucchinis. Phil is one among gadzillions (a really large number) of people who grow zucchinis in their backyard gardens. Phil has no control over the zucchini market because the total zucchini market contains gadzillions of zucchini producers, each producing only a handful of zucchinis. Should Phil decide to produce more zucchinis, fewer zucchinis, or none at all, the zucchini market and especially the zucchini price are unaffected. Zucchini buyers continue buying zucchinis from the remaining gadzillions of zucchini producers as if nothing changed. As far as the market is concerned, nothing has changed.

Example 2 is the innovative folks at Quadra DG Computer Works, which produces the Quadra 400 Data RAM Cartridges (a memory storage cartridge used in the Quadra 400 Data RAM Computer Storage System). In this hypothetical economic world, Quadra DG Computer Works is only one of threes companies that produce computer storage products. Because it holds a market share of 33 percent, Quadra DG has a substantial degree of market control. Should Quadra DG decide to produce more or fewer Quadra 400 Data RAM Cartridges, or stop producing them altogether, then the computer storage market takes notice. The price and quantity exchanged are likely to change.

Identical Goods / Homogenous Goods

Each firm in a perfectly competitive market sells an identical product, which is also commonly termed "homogeneous goods." The essential feature of this characteristic is not so much that the goods themselves are exactly, perfectly the same, but that buyers are unable to discern any difference. In particular, buyers cannot tell which firm produces a given product. There are no brand names or distinguishing features that differentiate products by firm.
This characteristic means that every perfectly competitive firm produces a good that is a perfect substitute for the output of every other firm in the market. As such, no firm can charge a different price than that received by other firms. If they should try to charge a higher price, then buyers would immediately switch to other goods that are perfect substitutes.
Once again, Phil the zucchini grower offers an example. Phil's zucchinis are no different than Becky's zucchinis, which are no different than Dan's zucchinis, which are no different than Alicia's zucchinis, which are no different than any of the other zucchinis produced by any of the other gadzillions of zucchini growers. They look the same. They taste the same. And most important, they satisfy the same zucchini need.

In contrast, the Quadra 400 Data RAM Cartridges used in the Quadra 400 Data RAM Computer Storage System are unique. First of all, Quadra 400 Data RAM Cartridges only work in the Quadra 400 Data RAM Computer Storage System. Second of all, Quadra 400 Data RAM Computer Storage System only uses Quadra 400 Data RAM Cartridges. Third of all, the brand name of Quadra DG Computer Works is printed on each cartridge, signifying whatever quality notion (good or bad) that buyers have for this product. To most buyers, Quadra 400 Data RAM Cartridges are NOT identical to OmniRam computer storage cartridges or MegaMem computer storage cartridges. Each works with a different system, have different uses, and have different quality connotations.

Perfect Resource Mobility

Perfectly competitive firms are free to enter and exit an industry. They are not restricted by government rules and regulations, start-up cost, or other barriers to entry. While some firms incur high start-up cost or need government permits to enter an industry, this is not the case for perfectly competitive firms. Likewise, a perfectly competitive firm is not prevented from leaving an industry as is the case for government-regulated public utilities.
Perfectly competitive firms can acquire whatever labor, capital, and other resources that they need without delay and without restrictions. There is no racial, ethnic, or sexual discrimination.
For example, if Phil wants to leave the zucchini industry and entry the kumquat industry, he can do that without restriction. Likewise if Becky is a kumquat producer who wants to entry the zucchini industry, she can do so without restraint. Phil and Becky are not faced with up-front investment cost nor brand-name recognition that might prevent them from entering a perfectly competitive industry. When they enter an industry they can instantly compete on equal ground with existing firms.

By comparison, when Quadra DG Computer Works entered the market it needed to build several expensive factories, spend millions of advertising dollars to achieve brand name recognition, and obtain several government patents to produce its Quadra 400 Data RAM Cartridges. Additionally, because Quadra 400 Data RAM Cartridges are used in top secret military projects, Quadra DG Computer Works is not allowed to STOP producing Quadra 400 Data RAM Cartridges without authorization from the Secretary of Defense and an act of Congress.

Perfect Knowledge

In perfect competition, buyers are completely aware of sellers' prices, such that one firm cannot sell its good at a higher price than other firms. Each seller also has complete information about the prices charged by other sellers so they do not inadvertently charge less than the going market price. Perfect knowledge also extends to technology. All perfectly competitive firms have access to the same production techniques. No firm can produce its output faster, better, or cheaper because of special knowledge of information.

Phil, for example, has all of the information needed to grow zucchinis. This is the same information possessed by Becky, Dan, Alicia, and the other gadzillions of zucchini producers. Phil also knows that the going price of zucchinis is 50 cents. All of the zucchini buyers know that the going price is fifty cents.


In contrast, Quadra DG Computer Works has several patents on the production of Quadra 400 Data RAM Cartridges that are not available to its competition (OmniRam and MegaMem). Quadra DG also has a secret formula that it uses for production locked away in the company safe.



PERFECT COMPETITION, AmosWEB Encyclonomic WEB*pedia

UOL SAMPLE MCQ on MICRO ECONOMICS - COST & PRODUCTION For UOL Intro to Econs Exam Tuition

UOL SAMPLE MCQ On MICRO ECONOMICS - COST & PRODUCTION  

1. Increasing returns to scale for a firm are shown graphically by

A) returns to scale have nothing to do with the shape of the long-run average cost curve.
B) a horizontal long-run average cost curve.
C) a vertical long-run average cost curve.
D) an upward-sloping long-run average cost curve. 
E) a downward-sloping long-run average cost curve. 

2. When cost curves are drawn for a firm, all of the following are generally assumed EXCEPT 

A) average fixed costs are constant.
B) firm is too small to influence factor prices.
C) average variable cost initially declines, then rises at higher output levels.
D) total fixed costs are constant.
E) marginal product of the variable factor eventually declines. 

3. Consumer surplus
A) is the difference between what the consumer is willing to pay for all the units consumed and what he/she actually paid.
B) is the total value that a consumer receives from a purchase of a particular good.
C) is a measure of the gains a consumer receives in the market.
D) is the sum of the marginal values to the consumer.
E) is the consumption of a commodity above and beyond the amount required by the consumer.

4. The supply curve remains the same if there is a change in: 

A) the number of suppliers of the commodity
B) technology.
C) the price of the good
D) the price of a commodity that is a substitute or complement in production. 
E) factor costs. 

5. Short-run cost curves rise eventually because of the effects of 

A) the increasing price of variable inputs.
B) increasing marginal productivity of the variable inputs.
C) increasing fixed costs.
D) diminishing marginal product. 
E) decreasing average product. 


6.  A normal good is a good

A) that everyone normally consumes.
B) that normal people consume.
C) whose demand varies directly with household income. 
D) whose demand does not vary with household income. 
E) whose demand varies inversely with household income. 


7. In defining a long-run average cost curve,

A) factor prices are varied and the quantity of factors of production is held constant.
B) factor prices are held constant and technology is assumed to change.
C) the time period must be longer than one year.
D) factor prices are held constant and the quantity of factors of production used is varied. 
E) technology, factor prices, and the quantity of factors of production are all varied. 

8. In the short run, the firm's product curves show
 

A) TP is at its maximum when MP = O.
B) TP begins to decrease when AP begins to decrease.
C) when MP > AP, AP is decreasing.
D) when the MP curve cuts the AP curve from below, the AP curve begins to fall. 
E) AP is at its minimum when MP = AP. 

9. In the long run, decreasing returns can be caused by 

A) specialization.

B) management diseconomies.
C) a decrease in factor prices.
D) decreasing costs.
E) diminishing returns to the variable factor. 

10. The point of tangency between the short-run average total cost (SRATC) curve and the long-run average cost (LRAC) curve occurs

A) at the output level where the fixed factors are at the optimum quantity.
B) at the point of minimum SRATC.
C) at a point where average total cost is falling but the marginal cost is rising. 
D) at a point where both the average total cost and the marginal cost is rising. 
E) only when the LRAC curve is at its minimum. 

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UOL Intro to Econs Sample MCQ for upcoming Exam!

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MCQ:

UOL Introduction to Economics Sample MCQ Questions for Macro Economics

1. What would happen to the IS-LM model when there is an increase in autonomous consumption and contractionary monetary policy was sought to prevent inflation?

A.     The IS curve would shift to the left and the LM curve would shift to the left

B.     The IS curve would shift to the right and the LM curve would shift to the left

C.     The IS curve would shift to the left and the LM curve would shift to the right

D.    The IS curve would shift to the right and the LM curve would shift to the right

2. If the multiplier effect in an economy is 5 times, what will happen to the national income when the government spending decrease by $200  

A.     income will increase by $1000

B.     income will increase by more than $1000 because a reduction in interest rates will increase investment spending

C.     income will increase by less than $1000 because an increase in interest rates will reduce investment spending

D.    income will increase by less than $1000 because an increase in inflation will reduce consumption spending

3. The expansionary policy in an economy cannot be fully experienced by the economy when

A.     money demand is not affected by interest rate changes

B.     the LM curve is vertical

C.     government spending changes do not affect output

D.    all of the above

4. When the government sells bond in the open market

A.     LM will shift to the right

B.     National income will return back to equilibrium when there is flexible prices and wages

C.     Interest rate will fall

D.    None of the above

5. Monetary policy is more effective when

A.     investment is less sensitive to the interest rate

B.     the IS curve is flatter

C.     the LM curve is flatter

D.    all of the above

6. In order for liquidity trap to happen,

A.     the LM curve is horizontal

B.     the LM curve is vertical

C.     monetary policy is very effective

D.    all of the above

7. The government aims to reduce interest rate and boost national income through policy. As a governor, you will choose to

A.     increase government expenditures

B.     increase government expenditures

C.     buy Treasury bonds.

D.    sell Treasury bonds

8. Consider two economies that are identical, except that one has a high marginal propensity to consume (MPC) and one has a low MPC. If the money supply is increased by the same amount in each economy, the high MPC economy will experience

A.     A larger increase in output and a smaller decrease in the interest rate.

B.     A smaller increase in output and a smaller decrease in the interest rate.

C.     A larger increase in output and a larger decrease in the interest rate.

D.    None of the above.

9. Suppose an economy is running a government budget surplus. Assume that C = c0 + c1(Y-tY). Which one of the following will cause this surplus to become larger?

A.     Expansionary monetary policy.

B.     An increase in exports.

C.     An increase in equilibrium GDP.

D.    A decrease in taxes.

10. If investment in the goods market is not interest sensitive,

A.     IS curve is a vertical line and monetary policy is very effective in raising output.

B.     IS curve is a horizontal line and monetary policy is very effective in raising output.

C.     The IS curve is a vertical line and monetary policy does not affect output in the IS-LM model.

D.    The IS curve is a horizontal line and monetary policy does not affect output in the IS-LM model.

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UOL Intro to Econs Exam Sample MCQ for Perfect Competition

UOL INTRODUCTION TO ECONOMICS SAMPLE MCQ

1. Perfect competition is an industry with

A) a few firms selling differentiated goods

B) many firms selling goods that are different in product range.

C) a few firms selling goods that are different in quality.

D) many firms selling homogeneous  goods.

2. In a perfectly competitive industry, there are

A) many buyers and many sellers.

B) many sellers, but there might be only one or two buyers.

C) many buyers, but there might be only one or two sellers.

D) one firm that sets the price for the others to follow.

3) In perfectly competitive market, the product has

A) differentiated cost and same marginal price

B) many perfect complements produced by other firms.

C) many perfect substitutes produced by other firms.

D) different average price and marginal cost.

4) In perfect competition, restrictions on entry into an industry

A) do not exist.

B) apply to labor but not to capital.

C) apply to both capital and labor.

D) apply to capital but not to labor.

5) The price elasticity of demand for any particular perfectly competitive firm's output is

A) zero.

B) one.

C) infinite.

D) more than zero.

6) In perfect competition, the market demand

A) has a price elasticity of supply equal to one.

B) faces downward sloping curve.

C) has a price elasticity of supply equal to infinity.

D) faces horizontal curve.

7) In perfect competition, the price of the product is determined when the

A) elasticity of market demand equals to elasticity of market supply.

B) summation of marginal cost and industry demand curve intersect.

C) fixed cost is minimized.

D) average variable cost equals the industry average total cost

8) Perfectly competitive firms are

            A) Allocative inefficient

           

            B) Productive efficient

            C) Marginal cost inefficiency

            D) Economically efficient

9) In perfect competition, a firm that maximizes its economic profit will sell its good

A) below the market price.

B) above the market price.

C) below the market price if its supply curve is inelastic and above the market price if its supply curve is elastic.

D) at the market price.

10) For a perfectly competitive firm, it will make normal profit when

A) marginal revenue equals its minimum average fixed cost.

B) marginal revenue equals its minimum average cost.

C) total revenue equals its total opportunity cost.

D) marginal revenue exceeds its marginal cost.

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