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accept the prevailing price."},{"text":"price maker","correct":false,"explanation":"A price maker can influence or set the market price, which contradicts perfect competition. The correct term is price taker because each firm accepts the prevailing market price."},{"text":"price leader","correct":false,"explanation":"A price leader is a firm whose pricing decisions influence rivals, usually in an oligopoly. Perfectly competitive firms are price takers because they cannot affect market price."},{"text":"market regulator","correct":false,"explanation":"A market regulator is an authority that sets or controls market rules, not an individual firm. The correct term is price taker because the firm accepts the market price."}]},{"id":"dd3de302-338d-4db2-bec8-22031fbb87db","cardType":"basic","points":2,"front":"Why is each firm being tiny relative to the market important?","back":"No firm can raise or lower market price.","mcqOptions":[{"text":"No firm can raise or lower market price.","correct":true,"explanation":"Each firm is insignificant compared with the entire market, so changing its own output cannot affect total supply enough to change the market price."},{"text":"No firm can raise market price but can lower it.","correct":false,"explanation":"A tiny firm cannot influence price in either direction; even reducing its output is too small to affect market supply. The correct answer is that no firm can raise or lower market price."},{"text":"Every firm can raise or lower market price.","correct":false,"explanation":"This reverses the key implication of firms being tiny relative to the market. Their individual decisions are too small to change price, so no firm can raise or lower market price."},{"text":"The largest firm can raise or lower market price.","correct":false,"explanation":"Even the largest individual firm remains too small relative to the whole market under perfect competition. Therefore, no firm can raise or lower market price."}]},{"id":"dcd3a2ec-2d52-4c3f-ae1c-4771d136925b","cardType":"basic","points":2,"front":"If one firm charges above the market price for a homogeneous product, what do buyers do?","back":"They switch to identical products elsewhere.","mcqOptions":[{"text":"They switch to identical products elsewhere.","correct":true,"explanation":"With homogeneous products and perfect information, buyers know identical goods are available at the market price elsewhere, so they will not buy from the more expensive firm."},{"text":"They switch to similar products elsewhere.","correct":false,"explanation":"The key assumption is that products are homogeneous, not merely similar. Buyers switch because identical products are available elsewhere at the market price."},{"text":"They continue buying because the higher price signals quality.","correct":false,"explanation":"Perfect competition assumes homogeneous products, so a higher price does not signal superior quality. Buyers switch to identical products elsewhere instead."},{"text":"They wait until the firm lowers its price.","correct":false,"explanation":"Buyers do not need to wait because identical products are immediately available from other firms at the market price. They switch to identical products elsewhere."}]},{"id":"48a4dcf8-389c-49e5-bb57-6eb5d7f2e4e4","cardType":"cloze","points":null,"front":"For an individual firm in perfect competition, [ ].","back":"For an individual firm in perfect competition, $AR = MR = P$.","mcqOptions":[{"text":"$$AR = MR = P$","correct":true,"explanation":"A competitive firm sells every unit at the given market price. Average revenue and marginal revenue therefore both equal price, giving $AR = MR = P$."},{"text":"$$AR = MC = P$","correct":false,"explanation":"This condition applies only at the profit-maximising output where marginal cost equals price, not necessarily at every output. For a competitive firm, the general relationship is $AR = MR = P$."},{"text":"$$AR = MR > P$","correct":false,"explanation":"Average revenue and marginal revenue equal the price received per unit, so they cannot be greater than price. The correct relationship is $AR = MR = P$."},{"text":"$$AR = MR = AC$","correct":false,"explanation":"Average cost equals average revenue only when the firm breaks even and earns normal profit. The general competitive-firm relationship is $AR = MR = P$."}]},{"id":"3664ae68-4f2d-4deb-8342-641b9158eaa6","cardType":"basic","points":2,"front":"Why is a competitive firm’s demand curve horizontal?","back":"Every unit sells at the same market price.","mcqOptions":[{"text":"Every unit sells at the same market price.","correct":true,"explanation":"The firm is a price taker and faces perfectly elastic demand at the market price. It can sell additional units at that unchanged price, producing a horizontal demand curve."},{"text":"Every unit sells at a rising market price.","correct":false,"explanation":"A rising price would create an upward-sloping demand curve, not a horizontal one. Perfect competition allows every unit to sell at the same market price."},{"text":"Every unit sells at a falling market price.","correct":false,"explanation":"A falling price would make the demand curve downward sloping. In perfect competition, the firm can sell each unit at the unchanged market price."},{"text":"Every unit sells at the firm’s chosen price.","correct":false,"explanation":"The firm cannot choose its own price because it is a price taker. Every unit sells at the market price, which makes the demand curve horizontal."}]},{"id":"28f0a1b2-7951-4f55-90b3-ea207fdd22b1","cardType":"basic","points":2,"front":"Why can a firm earning only normal profit remain in the market?","back":"Normal profit is included in economic cost.","mcqOptions":[{"text":"Normal profit is included in economic cost.","correct":true,"explanation":"Economic cost includes explicit costs and the opportunity cost of all resources, including the owner's normal return. A firm earning normal profit therefore covers its full economic cost."},{"text":"Normal profit is excluded from economic cost.","correct":false,"explanation":"Normal profit is included in economic cost as the opportunity cost of entrepreneurship. This is why earning only normal profit is sufficient for a firm to remain in the market."},{"text":"Normal profit is the same as abnormal profit.","correct":false,"explanation":"Normal profit is the minimum return needed to keep resources in their current use, whereas abnormal profit exceeds this level. Normal profit is included in economic cost."},{"text":"Normal profit is paid by the government.","correct":false,"explanation":"Normal profit is not a government payment; it is the return necessary to retain the entrepreneur's resources. It is included in economic cost, allowing the firm to remain in the market."}]},{"id":"c82e5918-1e12-465a-bc80-ba8c8ae97fc9","cardType":"cloze","points":null,"front":"The assumptions of perfect competition remove [ ].","back":"The assumptions of perfect competition remove market power.","mcqOptions":[{"text":"market power","correct":true,"explanation":"Perfect competition assumes many small firms, homogeneous products, free entry and exit, and perfect information. Together, these conditions prevent individual firms from influencing the market price."},{"text":"productive efficiency","correct":false,"explanation":"Perfect competition may promote productive efficiency in long-run equilibrium, but its assumptions do not remove productive efficiency. They remove firms' market power."},{"text":"consumer sovereignty","correct":false,"explanation":"Consumer sovereignty refers to consumers influencing what is produced through their demand. It is not removed by perfect competition; the assumptions remove market power."},{"text":"economies of scale","correct":false,"explanation":"Economies of scale are reductions in average cost as output increases, and they are not removed by the assumptions of perfect competition. The relevant concept is market power."}]},{"id":"87599db1-eb6d-4ae6-a282-b7d706649c8d","cardType":"cloze","points":null,"front":"Perfect information lets consumers find the [ ].","back":"Perfect information lets consumers find the cheapest supplier.","mcqOptions":[{"text":"cheapest supplier","correct":true,"explanation":"Perfect information means consumers know the prices charged by all suppliers and can compare them accurately, allowing them to identify and choose the cheapest supplier."},{"text":"highest-priced supplier","correct":false,"explanation":"Consumers with perfect information can avoid unnecessarily expensive suppliers rather than seek them out. The correct term is cheapest supplier because all prices are known."},{"text":"nearest supplier","correct":false,"explanation":"Perfect information concerns complete knowledge, especially of prices and product availability, not automatically choosing the nearest firm. It lets consumers find the cheapest supplier."},{"text":"preferred supplier","correct":false,"explanation":"A preferred supplier may reflect brand loyalty or personal taste, neither of which is guaranteed by perfect information. Perfect information lets consumers find the cheapest supplier."}]},{"id":"bbaa580a-3ea8-4381-839b-e5c40f8ea9d8","cardType":"basic","points":1,"front":"Which assumption allows new firms to enter when supernormal profit appears?","back":"Freedom of entry.","mcqOptions":[{"text":"Freedom of entry.","correct":true,"explanation":"Freedom of entry means there are no significant barriers preventing new firms from joining the market to pursue the supernormal profit earned by existing firms."},{"text":"Perfect information.","correct":false,"explanation":"Perfect information helps firms identify profitable opportunities, but it does not remove barriers to joining the market. Freedom of entry allows new firms to enter."},{"text":"Homogeneous products.","correct":false,"explanation":"Homogeneous products ensure consumers view firms’ products as identical, but this does not permit market entry. New firms can join because there is freedom of entry."},{"text":"Many buyers and sellers.","correct":false,"explanation":"Having many market participants makes each firm a price taker, but it does not itself enable entry. Freedom of entry allows new firms to join."}]},{"id":"11dc231b-ac55-4f94-9018-c4e25a989242","cardType":"basic","points":1,"front":"Where does a competitive firm maximise profit?","back":"At $MR = MC$, provided MC is rising.","mcqOptions":[{"text":"At $MR = MC$, provided MC is rising.","correct":true,"explanation":"Profit is maximised where the additional revenue from the last unit equals its additional cost, provided marginal cost is rising and crosses marginal revenue from below."},{"text":"At $AR = AC$, provided AC is rising.","correct":false,"explanation":"Confusing the normal-profit condition with profit maximisation overlooks marginal values. A firm maximises profit where $MR = MC$, provided marginal cost is rising."},{"text":"At $MR = MC$, provided MC is falling.","correct":false,"explanation":"A falling marginal cost curve may produce a minimum-profit intersection rather than a maximum. Profit maximisation requires $MR = MC$ with marginal cost rising."},{"text":"At $P = AVC$, provided AVC is rising.","correct":false,"explanation":"The relationship between price and average variable cost determines whether production covers variable costs. Profit is maximised where $MR = MC$, with marginal cost rising."}]},{"id":"7e0d850a-1375-463b-b253-c10df2e0892f","cardType":"cloze","points":null,"front":"In the short run, at least one factor of production is [ ].","back":"In the short run, at least one factor of production is fixed.","mcqOptions":[{"text":"fixed","correct":true,"explanation":"The short run is defined as a period in which at least one factor of production, such as capital or factory size, cannot be changed."},{"text":"variable","correct":false,"explanation":"Treating every factor as adjustable describes the long run, not the short run. In the short run, at least one factor of production is fixed."},{"text":"mobile","correct":false,"explanation":"Factor mobility concerns movement between uses or locations, rather than the time-period distinction. The short run requires at least one factor of production to be fixed."},{"text":"homogeneous","correct":false,"explanation":"Homogeneity means factors or products are identical, which does not define the short run. The defining feature is that at least one factor is fixed."}]},{"id":"66f41b05-0832-4833-b698-ea44c694f5a7","cardType":"basic","points":1,"front":"In the industry diagram, what determines equilibrium price?","back":"Market demand and supply.","mcqOptions":[{"text":"Market demand and supply.","correct":true,"explanation":"The equilibrium market price occurs where the industry demand curve intersects the industry supply curve, balancing the total quantity demanded with the total quantity supplied."},{"text":"Market demand alone.","correct":false,"explanation":"Demand shows consumers’ willingness to buy but cannot determine equilibrium price without producers’ willingness to sell. Market demand and supply jointly determine the price."},{"text":"Market supply alone.","correct":false,"explanation":"Supply shows producers’ willingness to sell but cannot determine equilibrium price without consumer demand. The interaction of market demand and supply establishes the equilibrium price."},{"text":"Market cost and revenue.","correct":false,"explanation":"Cost and revenue curves determine an individual firm’s output and profit, not the industry equilibrium price. Market demand and supply determine the competitive price."}]},{"id":"209eea6a-5da7-408f-8dac-dc65a8f1490e","cardType":"basic","points":1,"front":"At $MR = MC$, what price-cost relationship shows supernormal profit?","back":"$P > AC$.","mcqOptions":[{"text":"$P > AC$.","correct":true,"explanation":"When price exceeds average cost at the profit-maximising output, revenue per unit exceeds cost per unit, so the firm earns positive supernormal profit."},{"text":"$P = AC$.","correct":false,"explanation":"Equating price with average cost means total revenue exactly covers all economic costs, including normal profit. Supernormal profit requires $P > AC$."},{"text":"$P < AC$.","correct":false,"explanation":"Reversing the inequality describes a loss because cost per unit exceeds revenue per unit. Supernormal profit occurs when $P > AC$ at the chosen output."},{"text":"$P > AVC$.","correct":false,"explanation":"Comparing price with average variable cost only shows that variable costs are covered; fixed costs may remain uncovered. Supernormal profit specifically requires $P > AC$."}]},{"id":"306296e4-9739-4f58-b8a5-224751a757cd","cardType":"basic","points":2,"front":"A competitive firm has $P = £12$, $AC = £9$, $Q = 500$ at $MR = MC$. What is supernormal profit?","back":"£1,500.","mcqOptions":[{"text":"£1,500.","correct":true,"explanation":"Profit per unit is $£12 - £9 = £3$. Multiplying this by 500 units gives total supernormal profit of $£3 \\times 500 = £1,500$."},{"text":"£3.","correct":false,"explanation":"Subtracting average cost from price gives only the profit per unit. Multiplying the £3 margin by 500 units gives total supernormal profit of £1,500."},{"text":"£4,500.","correct":false,"explanation":"Multiplying £9 average cost by 500 gives total cost, not supernormal profit. Profit is the £3 per-unit margin multiplied by 500, giving £1,500."},{"text":"£6,000.","correct":false,"explanation":"Multiplying the £12 price by 500 gives total revenue and ignores total cost. Deducting costs leaves a £3 margin per unit and £1,500 profit."}]},{"id":"50467d2b-fac9-4536-84be-a146297407a8","cardType":"cloze","points":null,"front":"In the long run, all factors are [ ] and firms can [ ].","back":"In the long run, all factors are variable and firms can enter or exit.","mcqOptions":[{"text":"In the long run, all factors are variable and firms can enter or exit.","correct":true,"explanation":"The long run provides enough time for every factor of production to be adjusted and, under perfect competition, for firms to enter or leave the industry."},{"text":"In the long run, all factors are fixed and firms can enter or exit.","correct":false,"explanation":"Treating all factors as fixed reverses the long-run definition. In the long run, all factors are variable, while freedom of entry and exit allows firms to join or leave."},{"text":"In the long run, all factors are variable and firms can not enter or exit.","correct":false,"explanation":"The first feature is correct, but preventing entry and exit contradicts perfect competition. In the long run, all factors are variable and firms can enter or exit."},{"text":"In the long run, all factors are fixed and firms can not enter or exit.","correct":false,"explanation":"This confuses the long run with rigid production and barriers to entry. All factors are variable in the long run, and competitive firms can enter or exit."}]},{"id":"900e3454-2421-43b7-b7c5-c11e0841c2a9","cardType":"basic","points":2,"front":"If firms earn supernormal profit, what happens to industry supply?","back":"It shifts right as new firms enter.","mcqOptions":[{"text":"It shifts right as new firms enter.","correct":true,"explanation":"Supernormal profit attracts new firms because entry is unrestricted. Their output adds to total industry production, shifting the industry supply curve to the right."},{"text":"It shifts left as new firms enter.","correct":false,"explanation":"Reversing the shift ignores that new firms add productive capacity and output. Entry caused by supernormal profit increases industry supply, shifting it to the right."},{"text":"It shifts right as existing firms exit.","correct":false,"explanation":"Firm exit removes output and would shift industry supply left, not right. Supernormal profit instead attracts new firms, causing industry supply to shift right."},{"text":"It shifts left as existing firms exit.","correct":false,"explanation":"A leftward shift from firm exit is associated with losses rather than supernormal profit. Supernormal profit attracts entrants and shifts industry supply to the right."}]},{"id":"dcba1947-582d-45fa-8be6-8121029684fe","cardType":"basic","points":1,"front":"With demand unchanged, what happens to price when industry supply shifts right?","back":"Price falls.","mcqOptions":[{"text":"Price falls.","correct":true,"explanation":"A rightward shift of industry supply creates excess supply at the original price. Competition between suppliers lowers the market-clearing price until quantity demanded equals quantity supplied again."},{"text":"Price rises.","correct":false,"explanation":"This reverses the supply-price relationship. With demand unchanged, an increase in industry supply creates downward pressure on price, so the new equilibrium price falls."},{"text":"Price remains unchanged.","correct":false,"explanation":"This overlooks the excess supply created at the original price. With demand unchanged, the market price must fall to increase quantity demanded and restore equilibrium."},{"text":"Price becomes fixed.","correct":false,"explanation":"Perfect competition does not fix the market price when supply changes. The rightward supply shift lowers the equilibrium price as the market clears through price adjustment."}]},{"id":"dfea9d1a-6821-45e0-aae3-5bea113c86e8","cardType":"basic","points":1,"front":"What happens to each firm’s $AR = MR$ line when market price falls?","back":"It shifts downwards.","mcqOptions":[{"text":"It shifts downwards.","correct":true,"explanation":"A perfectly competitive firm faces a horizontal demand curve at the market price, with $AR = MR = P$. A lower market price therefore shifts the entire line downwards."},{"text":"It shifts upwards.","correct":false,"explanation":"An upward shift would represent a higher market price, not a lower one. Because $AR = MR = P$, a fall in market price shifts the line downwards."},{"text":"It shifts rightwards.","correct":false,"explanation":"This confuses a price change with a change in quantity. The firm’s horizontal $AR = MR$ line is located at the market price, so it shifts downwards."},{"text":"It becomes vertical.","correct":false,"explanation":"This confuses the firm’s demand curve with a fixed quantity constraint. A perfectly competitive firm remains a price taker, so its $AR = MR$ line stays horizontal but shifts downwards."}]},{"id":"83625f9a-1d60-46dd-a4b3-921488d5c0cb","cardType":"cloze","points":null,"front":"Long-run equilibrium in perfect competition is [ ].","back":"Long-run equilibrium in perfect competition is $P = AR = MR = MC = AC$.","mcqOptions":[{"text":"$$P = AR = MR = MC = AC$","correct":true,"explanation":"Firms maximise profit where $MR = MC$, while perfect competition gives $P = AR = MR$. Entry and exit eliminate abnormal profit, making $P = AC$ in long-run equilibrium."},{"text":"$$P = AR = MR > MC = AC$","correct":false,"explanation":"If $MR > MC$, the firm could increase profit by expanding output, so it is not at profit-maximising equilibrium. Long-run equilibrium requires $P = AR = MR = MC = AC$."},{"text":"$$P = AR = MR = MC > AC$","correct":false,"explanation":"This describes supernormal profit because price exceeds average cost. Entry would increase industry supply and lower price until long-run equilibrium satisfies $P = AR = MR = MC = AC$."},{"text":"$$P = AR = MR = AC > MC$","correct":false,"explanation":"If $MR > MC$, producing another unit adds more to revenue than cost, so output should rise. Long-run equilibrium instead requires $P = AR = MR = MC = AC$."}]},{"id":"93cf6258-ce74-4f4e-a3c1-ef8bd9443854","cardType":"basic","points":1,"front":"In the standard long-run diagram, where is equilibrium on $AC$?","back":"At the minimum point of $AC$.","mcqOptions":[{"text":"At the minimum point of $AC$.","correct":true,"explanation":"Free entry and exit remove abnormal and subnormal profit, leaving firms producing where price equals average cost. Profit maximisation also requires $MC = MR$, placing equilibrium at minimum $AC$."},{"text":"At the maximum point of $AC$.","correct":false,"explanation":"This reverses the cost condition for productive efficiency. Long-run competitive pressure pushes firms to the minimum point of $AC$, where output is produced at the lowest average cost."},{"text":"At the minimum point of $MC$.","correct":false,"explanation":"This confuses the marginal and average cost minima. In long-run perfect competition, equilibrium occurs at minimum $AC$, where the rising $MC$ curve intersects $AC$."},{"text":"At the minimum point of $AVC$.","correct":false,"explanation":"Minimum $AVC$ is associated with the short-run shutdown threshold, not long-run equilibrium. Entry and exit push competitive firms to the minimum point of $AC$."}]},{"id":"1c48eb92-ff7f-4f36-be61-9339a8328f6c","cardType":"basic","points":2,"front":"If firms make subnormal profit, what happens to industry supply in the long run?","back":"It shifts left as firms leave.","mcqOptions":[{"text":"It shifts left as firms leave.","correct":true,"explanation":"Subnormal profit encourages firms to leave the industry. Fewer producers reduce total industry output at each price, shifting industry supply left until remaining firms earn normal profit."},{"text":"It shifts right as firms enter.","correct":false,"explanation":"Entry occurs when firms earn supernormal profit, not subnormal profit. Loss-making firms leave, reducing the number of suppliers and shifting industry supply left."},{"text":"It remains unchanged as firms leave.","correct":false,"explanation":"This overlooks how the number of firms affects market supply. When firms leave because of subnormal profit, industry output falls at each price, shifting supply left."},{"text":"It shifts right as firms leave.","correct":false,"explanation":"This gets the direction of the supply shift wrong. Firms leaving reduce productive capacity and industry output, so industry supply shifts left rather than right."}]},{"id":"08502fa1-2d71-41be-98aa-c2ae46b6c09a","cardType":"basic","points":3,"front":"Why does perfect competition achieve allocative efficiency?","back":"

Firms produce where $MR = MC$.
In perfect competition, $MR = P$.
Therefore $P = MC$.

","mcqOptions":[{"text":"

Firms produce where $MR = MC$.
In perfect competition, $MR = P$.
Therefore $P = MC$.

","correct":true,"explanation":"Profit maximisation requires firms to produce where marginal revenue equals marginal cost. Since price equals marginal revenue under perfect competition, price equals marginal cost, achieving allocative efficiency."},{"text":"

Firms produce where $AR = AC$.
In perfect competition, $AR = P$.
Therefore $P = AC$.

","correct":false,"explanation":"This explains normal profit rather than allocative efficiency. Allocative efficiency requires $P = MC$, derived because firms maximise profit where $MR = MC$ and perfect competition gives $MR = P$."},{"text":"

Firms produce where $MR = AC$.
In perfect competition, $MR = P$.
Therefore $P = AC$.

","correct":false,"explanation":"The profit-maximising condition is $MR = MC$, not $MR = AC$. Combining this with $MR = P$ gives $P = MC$, which is the condition for allocative efficiency."},{"text":"

Firms produce where $MC = AC$.
In perfect competition, $AR = P$.
Therefore $P = AC$.

","correct":false,"explanation":"This mixes productive efficiency and normal profit with allocative efficiency. The required reasoning is $MR = MC$ and $MR = P$, which together establish $P = MC$."}]},{"id":"031623f3-4f44-478a-b9d0-9dda3c0d92b5","cardType":"basic","points":2,"front":"Why does long-run perfect competition achieve productive efficiency?","back":"Free entry and exit push firms to minimum $AC$.","mcqOptions":[{"text":"Free entry and exit push firms to minimum $AC$.","correct":true,"explanation":"Entry removes supernormal profit and exit removes subnormal profit. The resulting long-run equilibrium occurs where firms produce at minimum average cost, satisfying productive efficiency."},{"text":"Free entry and exit push firms to maximum $AC$.","correct":false,"explanation":"This reverses the productive-efficiency condition. Competitive pressure from entry and exit pushes firms towards minimum average cost, not maximum average cost, in long-run equilibrium."},{"text":"Free entry and exit push firms to minimum $AVC$.","correct":false,"explanation":"This confuses long-run productive efficiency with the short-run shutdown threshold. Productive efficiency occurs at minimum $AC$, where firms produce using the least-cost output level."},{"text":"Free entry and exit push firms to minimum $MC$.","correct":false,"explanation":"This mistakes marginal cost for average cost. Productive efficiency concerns producing at the lowest cost per unit, so firms must operate at minimum $AC$."}]},{"id":"3eeacf05-9bb5-4aaf-9ac9-e00373f85105","cardType":"basic","points":2,"front":"Why may perfect competition be weak for dynamic efficiency?","back":"Normal profit may limit funds or incentives for R&D.","mcqOptions":[{"text":"Normal profit may limit funds or incentives for R&D.","correct":true,"explanation":"Dynamic efficiency depends on investment and innovation over time. Earning only normal profit can reduce both the finance available for R&D and the incentive to undertake risky innovation."},{"text":"Normal profit may limit funds or incentives for advertising.","correct":false,"explanation":"Advertising expenditure is not the central measure of dynamic efficiency. The weakness arises because normal profit may restrict funds or incentives for R&D, innovation and technological progress."},{"text":"Normal profit may limit funds or incentives for price competition.","correct":false,"explanation":"Perfectly competitive firms are price takers, so they cannot independently compete by setting lower prices. Dynamic efficiency may instead suffer because normal profit limits funds or incentives for R&D."},{"text":"Normal profit may limit funds or incentives for cost minimisation.","correct":false,"explanation":"Strong competitive pressure generally encourages cost minimisation and productive efficiency. The dynamic weakness is that normal profit may leave insufficient funds or incentives for R&D and innovation."}]},{"id":"8d472a37-395c-4748-9328-3727f6768d03","cardType":"basic","points":2,"front":"Why can externalities undermine perfect competition’s efficiency claim?","back":"Private MC may be below social MC.","mcqOptions":[{"text":"Private MC may be below social MC.","correct":true,"explanation":"Negative production externalities impose costs on third parties, so social marginal cost exceeds private marginal cost. Firms therefore produce more than the socially efficient quantity."},{"text":"Private MC may be below private AC.","correct":false,"explanation":"A gap between marginal cost and average cost reflects the firm’s cost structure, not an externality. The efficiency problem arises because private MC may be below social MC."},{"text":"Private MC may be below market price.","correct":false,"explanation":"Private MC below market price would encourage a profit-maximising firm to expand output and is not an externality. External costs instead make private MC lower than social MC."},{"text":"Private AC may be below market price.","correct":false,"explanation":"Private AC below market price indicates supernormal profit rather than an external cost. Externalities undermine efficiency when private MC is below social MC, causing overproduction."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Component 1"},"heading":"Perfect competition","title":"Perfect competition Flashcards","topbar":{"backHref":"/a-level/economics/eduqas/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"fb8bbd42-6690-5bd7-9bbc-624188546694","walled":"$L39"}],"$L3a","$L3b"]