33:I[196793,["/_next/static/chunks/3w_vk236rsh4u.js?dpl=nogit-1791368430","/_next/static/chunks/2_6olli-sutu3.js?dpl=nogit-1791368430","/_next/static/chunks/0zcakt1-boe_f.js?dpl=nogit-1791368430","/_next/static/chunks/0psy-n5us57a4.js?dpl=nogit-1791368430","/_next/static/chunks/3mz725-y91ph6.js?dpl=nogit-1791368430","/_next/static/chunks/2x_dbpl3b_l2r.js?dpl=nogit-1791368430","/_next/static/chunks/1qp4g--o6-1vf.js?dpl=nogit-1791368430","/_next/static/chunks/19ua1o9n5v3ho.js?dpl=nogit-1791368430","/_next/static/chunks/0zkcxwtbsqliz.js?dpl=nogit-1791368430","/_next/static/chunks/1y-6-9nvd0o3h.js?dpl=nogit-1791368430","/_next/static/chunks/3m63oycr989d1.js?dpl=nogit-1791368430","/_next/static/chunks/38w1x0vrld4-w.js?dpl=nogit-1791368430","/_next/static/chunks/3jpl-42mbad5n.js?dpl=nogit-1791368430","/_next/static/chunks/3kzt2piec6aoa.js?dpl=nogit-1791368430","/_next/static/chunks/0nojijad0occ8.js?dpl=nogit-1791368430","/_next/static/chunks/2os7nxouq91eq.js?dpl=nogit-1791368430","/_next/static/chunks/3ml3vooxhiupb.js?dpl=nogit-1791368430","/_next/static/chunks/04zr-wqafvwoa.js?dpl=nogit-1791368430","/_next/static/chunks/10rmxw_yiwj40.js?dpl=nogit-1791368430","/_next/static/chunks/40lyu17d590zu.js?dpl=nogit-1791368430","/_next/static/chunks/2g-t2n9ahs3tn.js?dpl=nogit-1791368430","/_next/static/chunks/1g1suj21ijg7y.js?dpl=nogit-1791368430","/_next/static/chunks/3lz9pr5v38m4h.js?dpl=nogit-1791368430","/_next/static/chunks/2mv9l1xl_aa4j.js?dpl=nogit-1791368430","/_next/static/chunks/0v4byuex1x38h.js?dpl=nogit-1791368430","/_next/static/chunks/2oijhb0tdir9b.js?dpl=nogit-1791368430","/_next/static/chunks/2eanemqjnv2vr.js?dpl=nogit-1791368430","/_next/static/chunks/3kxd2t9_7z5v9.js?dpl=nogit-1791368430","/_next/static/chunks/0llqhg6-bxn_b.js?dpl=nogit-1791368430","/_next/static/chunks/2dx-vzwyw9a3g.js?dpl=nogit-1791368430","/_next/static/chunks/3w85_h15j00vy.js?dpl=nogit-1791368430","/_next/static/chunks/1ku-vdy4ggo41.js?dpl=nogit-1791368430","/_next/static/chunks/1coblm1-go81_.js?dpl=nogit-1791368430","/_next/static/chunks/3hk191jki_10r.js?dpl=nogit-1791368430","/_next/static/chunks/0k-y_4mcfub-p.js?dpl=nogit-1791368430","/_next/static/chunks/0z3lqr5cibpma.js?dpl=nogit-1791368430","/_next/static/chunks/3it1o0ex-l5qz.js?dpl=nogit-1791368430","/_next/static/chunks/3rgu7kqb5jfh5.js?dpl=nogit-1791368430","/_next/static/chunks/3q5gc8lbwr4b4.js?dpl=nogit-1791368430","/_next/static/chunks/075i0tnxt4not.js?dpl=nogit-1791368430","/_next/static/chunks/1eyu-5752jh17.js?dpl=nogit-1791368430","/_next/static/chunks/1986062z5zb0v.js?dpl=nogit-1791368430","/_next/static/chunks/13gj59kzq50t_.js?dpl=nogit-1791368430","/_next/static/chunks/3qbnz8dpkh9p0.js?dpl=nogit-1791368430","/_next/static/chunks/3ybwgs28on6c8.js?dpl=nogit-1791368430","/_next/static/chunks/0uitbylhcd4am.js?dpl=nogit-1791368430","/_next/static/chunks/1xcu6jc442bl4.js?dpl=nogit-1791368430","/_next/static/chunks/06b61oz__qen3.js?dpl=nogit-1791368430","/_next/static/chunks/2zts3qwotnhdc.js?dpl=nogit-1791368430","/_next/static/chunks/1of_-ow2iz1cj.js?dpl=nogit-1791368430","/_next/static/chunks/0zg1om_k0m5zv.js?dpl=nogit-1791368430","/_next/static/chunks/0dspbdeiizrn3.js?dpl=nogit-1791368430","/_next/static/chunks/36nndwkz7iik3.js?dpl=nogit-1791368430","/_next/static/chunks/1q4qdybom7cx2.js?dpl=nogit-1791368430","/_next/static/chunks/1hnuhh5t7cfaj.js?dpl=nogit-1791368430","/_next/static/chunks/41hx021qkamew.js?dpl=nogit-1791368430","/_next/static/chunks/0a57o9qvnv-nb.js?dpl=nogit-1791368430","/_next/static/chunks/24srd-xd1m5z8.js?dpl=nogit-1791368430","/_next/static/chunks/1ksyn9m68446d.js?dpl=nogit-1791368430","/_next/static/chunks/0wv8cpdr6cvhr.js?dpl=nogit-1791368430","/_next/static/chunks/1lsxkfxy262n-.js?dpl=nogit-1791368430"],"Gingerbread"] 35:I[647935,["/_next/static/chunks/3w_vk236rsh4u.js?dpl=nogit-1791368430","/_next/static/chunks/2_6olli-sutu3.js?dpl=nogit-1791368430","/_next/static/chunks/0zcakt1-boe_f.js?dpl=nogit-1791368430","/_next/static/chunks/0psy-n5us57a4.js?dpl=nogit-1791368430","/_next/static/chunks/3mz725-y91ph6.js?dpl=nogit-1791368430","/_next/static/chunks/2x_dbpl3b_l2r.js?dpl=nogit-1791368430","/_next/static/chunks/1qp4g--o6-1vf.js?dpl=nogit-1791368430","/_next/static/chunks/19ua1o9n5v3ho.js?dpl=nogit-1791368430","/_next/static/chunks/0zkcxwtbsqliz.js?dpl=nogit-1791368430","/_next/static/chunks/1y-6-9nvd0o3h.js?dpl=nogit-1791368430","/_next/static/chunks/3m63oycr989d1.js?dpl=nogit-1791368430","/_next/static/chunks/38w1x0vrld4-w.js?dpl=nogit-1791368430","/_next/static/chunks/3jpl-42mbad5n.js?dpl=nogit-1791368430","/_next/static/chunks/3kzt2piec6aoa.js?dpl=nogit-1791368430","/_next/static/chunks/0nojijad0occ8.js?dpl=nogit-1791368430","/_next/static/chunks/2os7nxouq91eq.js?dpl=nogit-1791368430","/_next/static/chunks/3ml3vooxhiupb.js?dpl=nogit-1791368430","/_next/static/chunks/04zr-wqafvwoa.js?dpl=nogit-1791368430","/_next/static/chunks/10rmxw_yiwj40.js?dpl=nogit-1791368430","/_next/static/chunks/40lyu17d590zu.js?dpl=nogit-1791368430","/_next/static/chunks/2g-t2n9ahs3tn.js?dpl=nogit-1791368430","/_next/static/chunks/1g1suj21ijg7y.js?dpl=nogit-1791368430","/_next/static/chunks/3lz9pr5v38m4h.js?dpl=nogit-1791368430","/_next/static/chunks/2mv9l1xl_aa4j.js?dpl=nogit-1791368430","/_next/static/chunks/0v4byuex1x38h.js?dpl=nogit-1791368430","/_next/static/chunks/2oijhb0tdir9b.js?dpl=nogit-1791368430","/_next/static/chunks/2eanemqjnv2vr.js?dpl=nogit-1791368430","/_next/static/chunks/3kxd2t9_7z5v9.js?dpl=nogit-1791368430","/_next/static/chunks/0llqhg6-bxn_b.js?dpl=nogit-1791368430","/_next/static/chunks/2dx-vzwyw9a3g.js?dpl=nogit-1791368430","/_next/static/chunks/3w85_h15j00vy.js?dpl=nogit-1791368430","/_next/static/chunks/1ku-vdy4ggo41.js?dpl=nogit-1791368430","/_next/static/chunks/1coblm1-go81_.js?dpl=nogit-1791368430","/_next/static/chunks/3hk191jki_10r.js?dpl=nogit-1791368430","/_next/static/chunks/0k-y_4mcfub-p.js?dpl=nogit-1791368430","/_next/static/chunks/0z3lqr5cibpma.js?dpl=nogit-1791368430","/_next/static/chunks/3it1o0ex-l5qz.js?dpl=nogit-1791368430","/_next/static/chunks/3rgu7kqb5jfh5.js?dpl=nogit-1791368430","/_next/static/chunks/3q5gc8lbwr4b4.js?dpl=nogit-1791368430","/_next/static/chunks/075i0tnxt4not.js?dpl=nogit-1791368430","/_next/static/chunks/1eyu-5752jh17.js?dpl=nogit-1791368430","/_next/static/chunks/1986062z5zb0v.js?dpl=nogit-1791368430","/_next/static/chunks/13gj59kzq50t_.js?dpl=nogit-1791368430","/_next/static/chunks/3qbnz8dpkh9p0.js?dpl=nogit-1791368430","/_next/static/chunks/3ybwgs28on6c8.js?dpl=nogit-1791368430","/_next/static/chunks/0uitbylhcd4am.js?dpl=nogit-1791368430","/_next/static/chunks/1xcu6jc442bl4.js?dpl=nogit-1791368430","/_next/static/chunks/06b61oz__qen3.js?dpl=nogit-1791368430","/_next/static/chunks/2zts3qwotnhdc.js?dpl=nogit-1791368430","/_next/static/chunks/1of_-ow2iz1cj.js?dpl=nogit-1791368430","/_next/static/chunks/0zg1om_k0m5zv.js?dpl=nogit-1791368430","/_next/static/chunks/0dspbdeiizrn3.js?dpl=nogit-1791368430","/_next/static/chunks/36nndwkz7iik3.js?dpl=nogit-1791368430","/_next/static/chunks/1q4qdybom7cx2.js?dpl=nogit-1791368430","/_next/static/chunks/1hnuhh5t7cfaj.js?dpl=nogit-1791368430","/_next/static/chunks/41hx021qkamew.js?dpl=nogit-1791368430","/_next/static/chunks/0a57o9qvnv-nb.js?dpl=nogit-1791368430","/_next/static/chunks/24srd-xd1m5z8.js?dpl=nogit-1791368430","/_next/static/chunks/1ksyn9m68446d.js?dpl=nogit-1791368430","/_next/static/chunks/0wv8cpdr6cvhr.js?dpl=nogit-1791368430","/_next/static/chunks/1lsxkfxy262n-.js?dpl=nogit-1791368430"],"RecordResourceResume"] 36:I[830476,["/_next/static/chunks/3w_vk236rsh4u.js?dpl=nogit-1791368430","/_next/static/chunks/2_6olli-sutu3.js?dpl=nogit-1791368430","/_next/static/chunks/0zcakt1-boe_f.js?dpl=nogit-1791368430","/_next/static/chunks/0psy-n5us57a4.js?dpl=nogit-1791368430","/_next/static/chunks/3mz725-y91ph6.js?dpl=nogit-1791368430","/_next/static/chunks/2x_dbpl3b_l2r.js?dpl=nogit-1791368430","/_next/static/chunks/1qp4g--o6-1vf.js?dpl=nogit-1791368430","/_next/static/chunks/19ua1o9n5v3ho.js?dpl=nogit-1791368430","/_next/static/chunks/0zkcxwtbsqliz.js?dpl=nogit-1791368430","/_next/static/chunks/1y-6-9nvd0o3h.js?dpl=nogit-1791368430","/_next/static/chunks/3m63oycr989d1.js?dpl=nogit-1791368430","/_next/static/chunks/38w1x0vrld4-w.js?dpl=nogit-1791368430","/_next/static/chunks/3jpl-42mbad5n.js?dpl=nogit-1791368430","/_next/static/chunks/3kzt2piec6aoa.js?dpl=nogit-1791368430","/_next/static/chunks/0nojijad0occ8.js?dpl=nogit-1791368430","/_next/static/chunks/2os7nxouq91eq.js?dpl=nogit-1791368430","/_next/static/chunks/3ml3vooxhiupb.js?dpl=nogit-1791368430","/_next/static/chunks/04zr-wqafvwoa.js?dpl=nogit-1791368430","/_next/static/chunks/10rmxw_yiwj40.js?dpl=nogit-1791368430","/_next/static/chunks/40lyu17d590zu.js?dpl=nogit-1791368430","/_next/static/chunks/2g-t2n9ahs3tn.js?dpl=nogit-1791368430","/_next/static/chunks/1g1suj21ijg7y.js?dpl=nogit-1791368430","/_next/static/chunks/3lz9pr5v38m4h.js?dpl=nogit-1791368430","/_next/static/chunks/2mv9l1xl_aa4j.js?dpl=nogit-1791368430","/_next/static/chunks/0v4byuex1x38h.js?dpl=nogit-1791368430","/_next/static/chunks/2oijhb0tdir9b.js?dpl=nogit-1791368430","/_next/static/chunks/2eanemqjnv2vr.js?dpl=nogit-1791368430","/_next/static/chunks/3kxd2t9_7z5v9.js?dpl=nogit-1791368430","/_next/static/chunks/0llqhg6-bxn_b.js?dpl=nogit-1791368430","/_next/static/chunks/2dx-vzwyw9a3g.js?dpl=nogit-1791368430","/_next/static/chunks/3w85_h15j00vy.js?dpl=nogit-1791368430","/_next/static/chunks/1ku-vdy4ggo41.js?dpl=nogit-1791368430","/_next/static/chunks/1coblm1-go81_.js?dpl=nogit-1791368430","/_next/static/chunks/3hk191jki_10r.js?dpl=nogit-1791368430","/_next/static/chunks/0k-y_4mcfub-p.js?dpl=nogit-1791368430","/_next/static/chunks/0z3lqr5cibpma.js?dpl=nogit-1791368430","/_next/static/chunks/3it1o0ex-l5qz.js?dpl=nogit-1791368430","/_next/static/chunks/3rgu7kqb5jfh5.js?dpl=nogit-1791368430","/_next/static/chunks/3q5gc8lbwr4b4.js?dpl=nogit-1791368430","/_next/static/chunks/075i0tnxt4not.js?dpl=nogit-1791368430","/_next/static/chunks/1eyu-5752jh17.js?dpl=nogit-1791368430","/_next/static/chunks/1986062z5zb0v.js?dpl=nogit-1791368430","/_next/static/chunks/13gj59kzq50t_.js?dpl=nogit-1791368430","/_next/static/chunks/3qbnz8dpkh9p0.js?dpl=nogit-1791368430","/_next/static/chunks/3ybwgs28on6c8.js?dpl=nogit-1791368430","/_next/static/chunks/0uitbylhcd4am.js?dpl=nogit-1791368430","/_next/static/chunks/1xcu6jc442bl4.js?dpl=nogit-1791368430","/_next/static/chunks/06b61oz__qen3.js?dpl=nogit-1791368430","/_next/static/chunks/2zts3qwotnhdc.js?dpl=nogit-1791368430","/_next/static/chunks/1of_-ow2iz1cj.js?dpl=nogit-1791368430","/_next/static/chunks/0zg1om_k0m5zv.js?dpl=nogit-1791368430","/_next/static/chunks/0dspbdeiizrn3.js?dpl=nogit-1791368430","/_next/static/chunks/36nndwkz7iik3.js?dpl=nogit-1791368430","/_next/static/chunks/1q4qdybom7cx2.js?dpl=nogit-1791368430","/_next/static/chunks/1hnuhh5t7cfaj.js?dpl=nogit-1791368430","/_next/static/chunks/41hx021qkamew.js?dpl=nogit-1791368430","/_next/static/chunks/0a57o9qvnv-nb.js?dpl=nogit-1791368430","/_next/static/chunks/24srd-xd1m5z8.js?dpl=nogit-1791368430","/_next/static/chunks/1ksyn9m68446d.js?dpl=nogit-1791368430","/_next/static/chunks/0wv8cpdr6cvhr.js?dpl=nogit-1791368430","/_next/static/chunks/1lsxkfxy262n-.js?dpl=nogit-1791368430"],"FlashcardAccessBranch"] 37:I[315438,["/_next/static/chunks/3w_vk236rsh4u.js?dpl=nogit-1791368430","/_next/static/chunks/2_6olli-sutu3.js?dpl=nogit-1791368430","/_next/static/chunks/0zcakt1-boe_f.js?dpl=nogit-1791368430","/_next/static/chunks/0psy-n5us57a4.js?dpl=nogit-1791368430","/_next/static/chunks/3mz725-y91ph6.js?dpl=nogit-1791368430","/_next/static/chunks/2x_dbpl3b_l2r.js?dpl=nogit-1791368430","/_next/static/chunks/1qp4g--o6-1vf.js?dpl=nogit-1791368430","/_next/static/chunks/19ua1o9n5v3ho.js?dpl=nogit-1791368430","/_next/static/chunks/0zkcxwtbsqliz.js?dpl=nogit-1791368430","/_next/static/chunks/1y-6-9nvd0o3h.js?dpl=nogit-1791368430","/_next/static/chunks/3m63oycr989d1.js?dpl=nogit-1791368430","/_next/static/chunks/38w1x0vrld4-w.js?dpl=nogit-1791368430","/_next/static/chunks/3jpl-42mbad5n.js?dpl=nogit-1791368430","/_next/static/chunks/3kzt2piec6aoa.js?dpl=nogit-1791368430","/_next/static/chunks/0nojijad0occ8.js?dpl=nogit-1791368430","/_next/static/chunks/2os7nxouq91eq.js?dpl=nogit-1791368430","/_next/static/chunks/3ml3vooxhiupb.js?dpl=nogit-1791368430","/_next/static/chunks/04zr-wqafvwoa.js?dpl=nogit-1791368430","/_next/static/chunks/10rmxw_yiwj40.js?dpl=nogit-1791368430","/_next/static/chunks/40lyu17d590zu.js?dpl=nogit-1791368430","/_next/static/chunks/2g-t2n9ahs3tn.js?dpl=nogit-1791368430","/_next/static/chunks/1g1suj21ijg7y.js?dpl=nogit-1791368430","/_next/static/chunks/3lz9pr5v38m4h.js?dpl=nogit-1791368430","/_next/static/chunks/2mv9l1xl_aa4j.js?dpl=nogit-1791368430","/_next/static/chunks/0v4byuex1x38h.js?dpl=nogit-1791368430","/_next/static/chunks/2oijhb0tdir9b.js?dpl=nogit-1791368430","/_next/static/chunks/2eanemqjnv2vr.js?dpl=nogit-1791368430","/_next/static/chunks/3kxd2t9_7z5v9.js?dpl=nogit-1791368430","/_next/static/chunks/0llqhg6-bxn_b.js?dpl=nogit-1791368430","/_next/static/chunks/2dx-vzwyw9a3g.js?dpl=nogit-1791368430","/_next/static/chunks/3w85_h15j00vy.js?dpl=nogit-1791368430","/_next/static/chunks/1ku-vdy4ggo41.js?dpl=nogit-1791368430","/_next/static/chunks/1coblm1-go81_.js?dpl=nogit-1791368430","/_next/static/chunks/3hk191jki_10r.js?dpl=nogit-1791368430","/_next/static/chunks/0k-y_4mcfub-p.js?dpl=nogit-1791368430","/_next/static/chunks/0z3lqr5cibpma.js?dpl=nogit-1791368430","/_next/static/chunks/3it1o0ex-l5qz.js?dpl=nogit-1791368430","/_next/static/chunks/3rgu7kqb5jfh5.js?dpl=nogit-1791368430","/_next/static/chunks/3q5gc8lbwr4b4.js?dpl=nogit-1791368430","/_next/static/chunks/075i0tnxt4not.js?dpl=nogit-1791368430","/_next/static/chunks/1eyu-5752jh17.js?dpl=nogit-1791368430","/_next/static/chunks/1986062z5zb0v.js?dpl=nogit-1791368430","/_next/static/chunks/13gj59kzq50t_.js?dpl=nogit-1791368430","/_next/static/chunks/3qbnz8dpkh9p0.js?dpl=nogit-1791368430","/_next/static/chunks/3ybwgs28on6c8.js?dpl=nogit-1791368430","/_next/static/chunks/0uitbylhcd4am.js?dpl=nogit-1791368430","/_next/static/chunks/1xcu6jc442bl4.js?dpl=nogit-1791368430","/_next/static/chunks/06b61oz__qen3.js?dpl=nogit-1791368430","/_next/static/chunks/2zts3qwotnhdc.js?dpl=nogit-1791368430","/_next/static/chunks/1of_-ow2iz1cj.js?dpl=nogit-1791368430","/_next/static/chunks/0zg1om_k0m5zv.js?dpl=nogit-1791368430","/_next/static/chunks/0dspbdeiizrn3.js?dpl=nogit-1791368430","/_next/static/chunks/36nndwkz7iik3.js?dpl=nogit-1791368430","/_next/static/chunks/1q4qdybom7cx2.js?dpl=nogit-1791368430","/_next/static/chunks/1hnuhh5t7cfaj.js?dpl=nogit-1791368430","/_next/static/chunks/41hx021qkamew.js?dpl=nogit-1791368430","/_next/static/chunks/0a57o9qvnv-nb.js?dpl=nogit-1791368430","/_next/static/chunks/24srd-xd1m5z8.js?dpl=nogit-1791368430","/_next/static/chunks/1ksyn9m68446d.js?dpl=nogit-1791368430","/_next/static/chunks/0wv8cpdr6cvhr.js?dpl=nogit-1791368430","/_next/static/chunks/1lsxkfxy262n-.js?dpl=nogit-1791368430"],"TopicFlashcardRunner"] 24:[["$","$L33",null,{"feature":"flashcards"}],"$L34",["$","$L35",null,{"href":"/a-level/economics/ocr/monopolistic-competition/flashcards","label":"Monopolistic competition","subjectCode":"a_level_economics__ocr","surface":"flashcards"}],["$","$L36",null,{"runner":["$","div",null,{"className":"min-h-0 flex-1 overflow-hidden bg-background","children":["$","$L37",null,{"decks":[{"id":"b7c0e0e0-69bf-4aae-8a0f-ad5123f666cf","title":"Monopolistic competition Flashcards","topicId":"17163f04-f1e9-5f85-8e8d-cb3406330f78","topicSlug":"monopolistic-competition","cards":[{"id":"e9b81d0d-b188-480c-8d32-72a9c52e1ea5","cardType":"basic","points":1,"front":"Which market structure has many firms, low entry/exit barriers and differentiated products?","back":"Monopolistic competition.","mcqOptions":[{"text":"Monopolistic competition.","correct":true,"explanation":"Monopolistic competition combines many firms and low barriers to entry and exit with differentiated products, giving individual firms a limited amount of market power."},{"text":"Perfect competition.","correct":false,"explanation":"Perfect competition also has many firms and low entry barriers, but products are homogeneous rather than differentiated. The correct market structure is monopolistic competition."},{"text":"Oligopoly.","correct":false,"explanation":"An oligopoly is dominated by a few interdependent firms and often has significant entry barriers. Many firms selling differentiated products describes monopolistic competition."},{"text":"Monopoly.","correct":false,"explanation":"A monopoly has a single dominant supplier and high barriers to entry. The combination of many firms, easy entry and differentiated products defines monopolistic competition."}]},{"id":"86b826c2-4640-48ba-b620-65b3d67e8b91","cardType":"cloze","points":null,"front":"In monopolistic competition, products are [ ], giving each firm [ ].","back":"In monopolistic competition, products are differentiated, giving each firm limited price-setting power.","mcqOptions":[{"text":"In monopolistic competition, products are differentiated, giving each firm limited price-setting power.","correct":true,"explanation":"Differentiation makes each firm’s product a somewhat distinct substitute, so the firm faces a downward-sloping demand curve and has limited power to set its price."},{"text":"In monopolistic competition, products are homogeneous, giving each firm limited price-setting power.","correct":false,"explanation":"Homogeneous products are associated with perfect competition, where firms are price takers. In monopolistic competition, products are differentiated, creating limited price-setting power."},{"text":"In monopolistic competition, products are differentiated, giving each firm complete price-setting power.","correct":false,"explanation":"Differentiation provides only limited power because many close substitutes remain available. Complete price-setting power wrongly treats each firm as an unconstrained monopolist."},{"text":"In monopolistic competition, products are standardised, giving each firm no price-setting power.","correct":false,"explanation":"Standardised products and no price-setting power describe perfect competition. Monopolistically competitive firms sell differentiated products and therefore possess limited price-setting power."}]},{"id":"d6aa886c-ad0e-4aca-849a-7604ae3ad6b5","cardType":"basic","points":1,"front":"In monopolistic competition, what does “monopolistic” refer to?","back":"A tiny degree of monopoly power over its own product.","mcqOptions":[{"text":"A tiny degree of monopoly power over its own product.","correct":true,"explanation":"Product differentiation gives a firm a small amount of monopoly power over its particular variety, although numerous close substitutes sharply limit that power."},{"text":"A complete degree of monopoly power over its own product.","correct":false,"explanation":"Many competing substitutes prevent complete monopoly power. The term refers only to a tiny degree of monopoly power arising from differentiation of the firm’s own product."},{"text":"A total absence of monopoly power over its own product.","correct":false,"explanation":"This confuses monopolistic competition with perfect competition. Differentiation gives each firm a tiny degree of monopoly power over its own product."},{"text":"A tiny degree of monopoly power over the whole market.","correct":false,"explanation":"A firm’s limited monopoly power applies to its own differentiated product, not the whole market, because many rival firms offer close substitutes."}]},{"id":"87fd724f-bbee-422b-85ad-07f340e64e38","cardType":"cloze","points":null,"front":"Product differentiation may be [ ], such as quality, or [ ], such as branding.","back":"Product differentiation may be real, such as quality, or perceived, such as branding.","mcqOptions":[{"text":"Product differentiation may be real, such as quality, or perceived, such as branding.","correct":true,"explanation":"Real differentiation involves genuine product differences such as quality, while perceived differentiation changes consumers’ impressions through features such as branding or advertising."},{"text":"Product differentiation may be perceived, such as quality, or real, such as branding.","correct":false,"explanation":"This reverses the categories: quality can represent a genuine, real difference, whereas branding commonly creates perceived differentiation without changing the product itself."},{"text":"Product differentiation may be real, such as quality, or identical, such as branding.","correct":false,"explanation":"Branding creates perceived differentiation rather than making products identical. The correct categories are real differentiation, such as quality, and perceived differentiation, such as branding."},{"text":"Product differentiation may be artificial, such as quality, or perceived, such as branding.","correct":false,"explanation":"A genuine difference in quality is classified as real, not artificial. Branding can produce perceived differentiation by influencing how consumers view similar products."}]},{"id":"36ef5a1f-56b8-4077-8b0a-234b9a6ef3c3","cardType":"basic","points":1,"front":"Which form of competition includes branding, quality, advertising, service and loyalty schemes?","back":"Non-price competition.","mcqOptions":[{"text":"Non-price competition.","correct":true,"explanation":"Non-price competition attracts consumers through product features, branding, promotion, service and loyalty rather than primarily through reductions in the selling price."},{"text":"Price competition.","correct":false,"explanation":"Price competition involves firms changing or undercutting prices. Branding, quality, advertising, service and loyalty schemes are methods of non-price competition."},{"text":"Perfect competition.","correct":false,"explanation":"Perfect competition is a market structure, not the form of rivalry described. These strategies distinguish products without changing price, so they are non-price competition."},{"text":"Cost competition.","correct":false,"explanation":"Reducing production costs may improve profitability, but it does not describe competition through branding, service and advertising. Those methods are forms of non-price competition."}]},{"id":"b66f75a9-6aaf-469c-ad6f-610486d0f889","cardType":"basic","points":2,"front":"Why does a firm’s demand curve slope downwards in monopolistic competition?","back":"

Higher price loses some customers.
Differentiation keeps some loyal customers.

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

Higher price loses some customers.
Differentiation keeps some loyal customers.

","correct":true,"explanation":"A price rise causes some consumers to switch to substitutes, but differentiation preserves demand from loyal customers. Quantity demanded therefore falls without necessarily reaching zero."},{"text":"

Higher price gains some customers.
Differentiation removes all loyal customers.

","correct":false,"explanation":"This reverses both effects. A higher price normally loses customers, while differentiation retains some loyal customers, producing a downward-sloping demand curve."},{"text":"

Higher price loses all customers.
Homogeneity keeps some loyal customers.

","correct":false,"explanation":"Differentiation means a price rise loses only some customers because loyalty remains. Homogeneous products would not create product-specific loyalty in this way."},{"text":"

Lower price loses some customers.
Differentiation keeps no loyal customers.

","correct":false,"explanation":"A lower price generally increases quantity demanded rather than losing customers. Differentiation keeps some consumers loyal, explaining why demand responds gradually to price changes."}]},{"id":"ec218e4a-1804-4f00-80ef-fdd6885c0468","cardType":"cloze","points":null,"front":"For a firm, [ ] is the same as price, so AR is the firm’s [ ].","back":"For a firm, AR is the same as price, so AR is the firm’s demand curve.","mcqOptions":[{"text":"For a firm, AR is the same as price, so AR is the firm’s demand curve.","correct":true,"explanation":"Average revenue equals total revenue divided by quantity, which is the price received per unit. Plotting price against quantity therefore gives both AR and demand."},{"text":"For a firm, MR is the same as price, so AR is the firm’s demand curve.","correct":false,"explanation":"Marginal revenue is the revenue from one additional unit and lies below price when demand slopes downward. AR equals price and forms the demand curve."},{"text":"For a firm, AR is the same as price, so AR is the firm’s supply curve.","correct":false,"explanation":"Although AR equals price, it shows the price consumers will pay at each quantity, making it the demand curve rather than the supply curve."},{"text":"For a firm, AC is the same as price, so AR is the firm’s cost curve.","correct":false,"explanation":"Average cost measures cost per unit and need not equal price. Average revenue equals price, so the AR curve is the firm’s demand curve."}]},{"id":"454f0633-da4d-4976-83f7-12de2984a24e","cardType":"basic","points":2,"front":"Why is MR below AR in monopolistic competition?","back":"

More output usually requires a lower price.
Lower price may apply to previous units.

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

More output usually requires a lower price.
Lower price may apply to previous units.

","correct":true,"explanation":"To sell an additional unit, the firm usually lowers its price. If that lower price applies to earlier units too, marginal revenue falls below average revenue."},{"text":"

More output usually requires a higher price.
Higher price may apply to previous units.

","correct":false,"explanation":"With downward-sloping demand, selling more requires a lower price, not a higher one. The loss of revenue on previous units makes MR lower than AR."},{"text":"

Less output usually requires a lower price.
Lower price applies only to the final unit.

","correct":false,"explanation":"Selling more, not less, generally requires a price reduction. When one market price is charged, the reduction affects previous units and pushes MR below AR."},{"text":"

More output usually requires a lower price.
Lower price raises revenue on previous units.

","correct":false,"explanation":"The first statement is right, but a lower price reduces revenue earned on previous units rather than raising it. This revenue loss causes MR to lie below AR."}]},{"id":"e27f3cce-c837-4a1c-85fc-8869b8119f64","cardType":"cloze","points":null,"front":"Demand is usually fairly [ ] because there are many [ ].","back":"Demand is usually fairly elastic because there are many close substitutes.","mcqOptions":[{"text":"Demand is usually fairly elastic because there are many close substitutes.","correct":true,"explanation":"Numerous close substitutes make consumers responsive to price changes because they can readily switch products, so each firm faces relatively elastic demand."},{"text":"Demand is usually fairly inelastic because there are many close substitutes.","correct":false,"explanation":"This reverses the effect of substitutes. Many close substitutes make switching easier and demand more elastic, so demand is fairly elastic because many close substitutes exist."},{"text":"Demand is usually fairly elastic because there are many complementary goods.","correct":false,"explanation":"Complementary goods are consumed together and do not explain consumers switching between competing products. Demand is fairly elastic because there are many close substitutes."},{"text":"Demand is usually fairly inelastic because there are many barriers to entry.","correct":false,"explanation":"Barriers to entry affect firms entering the market rather than consumers’ price responsiveness. Demand is fairly elastic because differentiated products still have many close substitutes."}]},{"id":"1f086830-9e19-4c8e-a70c-dca6d2cb28e2","cardType":"basic","points":1,"front":"Which condition gives the profit-maximising output?","back":"$MR = MC$.","mcqOptions":[{"text":"$MR = MC$.","correct":true,"explanation":"Profit is maximised where the revenue from the last unit equals its cost. Before this output extra production adds profit; beyond it, extra production reduces profit."},{"text":"$MR = AC$.","correct":false,"explanation":"Equating marginal revenue with average cost does not identify the profit-maximising output. The firm maximises profit where marginal revenue equals marginal cost: $MR = MC$."},{"text":"$AR = MC$.","correct":false,"explanation":"Average revenue represents price, not the additional revenue earned from one more unit. The relevant marginal comparison gives the profit-maximising condition $MR = MC$."},{"text":"$MC = AC$.","correct":false,"explanation":"Marginal cost equals average cost at the minimum point of the AC curve, not necessarily at maximum profit. Profit maximisation occurs where $MR = MC$."}]},{"id":"7a23de0b-d75e-4771-b166-fa6954b3894b","cardType":"basic","points":1,"front":"After finding $MR = MC$, where is price read from on the diagram?","back":"The AR/demand curve.","mcqOptions":[{"text":"The AR/demand curve.","correct":true,"explanation":"Once the profit-maximising quantity is determined where $MR = MC$, move vertically to the AR or demand curve to find the price consumers will pay."},{"text":"The MR curve.","correct":false,"explanation":"The MR curve shows additional revenue from selling one more unit, not the product’s price. After finding output, price is read from the AR/demand curve."},{"text":"The MC curve.","correct":false,"explanation":"The MC curve helps determine the profit-maximising quantity but does not show the selling price. Price must be read from the AR/demand curve at that output."},{"text":"The AC curve.","correct":false,"explanation":"The AC curve gives average cost at the selected output and is used to calculate profit or loss. Price is instead read from the AR/demand curve."}]},{"id":"dce5c1c3-a700-49de-8f95-43d5d7610b9e","cardType":"basic","points":1,"front":"At the chosen output, how do you identify profit or loss?","back":"Compare price with AC.","mcqOptions":[{"text":"Compare price with AC.","correct":true,"explanation":"Price gives average revenue per unit, while AC gives average cost per unit. Their difference determines profit or loss per unit at the chosen output."},{"text":"Compare price with MC.","correct":false,"explanation":"Comparing price with marginal cost does not measure profit per unit because marginal cost concerns the final unit. Profit or loss is identified by comparing price with AC."},{"text":"Compare AR with MR.","correct":false,"explanation":"The gap between average and marginal revenue reflects the downward-sloping demand curve, not profitability. Profit or loss is identified by comparing price with AC."},{"text":"Compare MR with AC.","correct":false,"explanation":"Marginal revenue is used with marginal cost to choose output, but it does not determine profit per unit. At the chosen output, compare price with AC."}]},{"id":"5fc28a2e-8a08-4898-b01e-440d3b570b22","cardType":"cloze","points":null,"front":"In the short run, supernormal profit occurs when price is [ ]; a loss occurs when price is [ ].","back":"In the short run, supernormal profit occurs when price is above AC; a loss occurs when price is below AC.","mcqOptions":[{"text":"In the short run, supernormal profit occurs when price is above AC; a loss occurs when price is below AC.","correct":true,"explanation":"Price above average cost creates positive profit per unit, while price below average cost means each unit earns less revenue than its average cost."},{"text":"In the short run, supernormal profit occurs when price is below AC; a loss occurs when price is above AC.","correct":false,"explanation":"This reverses the profit and loss conditions. Supernormal profit occurs when price is above AC, whereas a loss occurs when price is below AC."},{"text":"In the short run, supernormal profit occurs when price is above MC; a loss occurs when price is below MC.","correct":false,"explanation":"Marginal cost concerns the cost of the final unit and cannot establish total profitability. Supernormal profit requires price above AC, while a loss occurs below AC."},{"text":"In the short run, supernormal profit occurs when price is equal to AC; a loss occurs when price is above AC.","correct":false,"explanation":"Price equal to AC produces normal profit, not supernormal profit, and price above AC produces profit rather than loss. The correct conditions are above AC and below AC respectively."}]},{"id":"f924d6fd-b0fe-4f5c-816e-e4f71f43d069","cardType":"basic","points":1,"front":"How is supernormal profit calculated from a diagram?","back":"$(P - AC) \\times Q$.","mcqOptions":[{"text":"$(P - AC) \\times Q$.","correct":true,"explanation":"Subtracting average cost from price gives profit per unit. Multiplying this vertical gap by output gives the total area representing supernormal profit."},{"text":"$(AC - P) \\times Q$.","correct":false,"explanation":"Reversing the subtraction calculates the magnitude of a loss when AC exceeds price. Supernormal profit is calculated as the positive gap: $(P - AC) \\times Q$."},{"text":"$(P - AC) \\div Q$.","correct":false,"explanation":"Dividing the per-unit profit by output does not produce total profit. The per-unit gap must be multiplied by the quantity: $(P - AC) \\times Q$."},{"text":"$P - AC$.","correct":false,"explanation":"This calculates only profit per unit and omits the number of units sold. Total supernormal profit is the per-unit gap multiplied by output: $(P - AC) \\times Q$."}]},{"id":"4a25ff60-c5d7-4806-bd60-6f5376e3dd7e","cardType":"cloze","points":null,"front":"In the long run, all factors are [ ] and firms can [ ] the market.","back":"In the long run, all factors are variable and firms can enter or leave the market.","mcqOptions":[{"text":"In the long run, all factors are variable and firms can enter or leave the market.","correct":true,"explanation":"The long run allows every factor of production to be adjusted. Low barriers in monopolistic competition also permit firms to enter when profitable or leave when loss-making."},{"text":"In the long run, all factors are fixed and firms can enter or leave the market.","correct":false,"explanation":"Treating all factors as fixed confuses the long run with the short run. In the long run all factors are variable, and firms can enter or leave."},{"text":"In the long run, all factors are variable and firms can enter but not leave the market.","correct":false,"explanation":"Firms may exit if losses persist as well as enter when profits are available. In the long run, all factors are variable and firms can enter or leave."},{"text":"In the long run, all factors are fixed and firms can neither enter nor leave the market.","correct":false,"explanation":"This incorrectly applies short-run restrictions to both production and market participation. In the long run all factors are variable, and firms can enter or leave the market."}]},{"id":"7e782865-d796-42ea-b0a5-7fcecc41bd62","cardType":"basic","points":1,"front":"What does short-run supernormal profit attract when barriers are low?","back":"Entry by new firms.","mcqOptions":[{"text":"Entry by new firms.","correct":true,"explanation":"Supernormal profit signals that revenue exceeds opportunity cost, attracting new firms when entry barriers are low. Their entry increases the number of competing substitutes."},{"text":"Entry by existing firms.","correct":false,"explanation":"Existing firms may expand, but they cannot newly enter a market in which they already operate. Supernormal profit with low barriers attracts entry by new firms."},{"text":"Exit by existing firms.","correct":false,"explanation":"Existing firms are more likely to exit when persistent losses occur, not when supernormal profit is available. Short-run supernormal profit attracts entry by new firms."},{"text":"Exit by new firms.","correct":false,"explanation":"New firms cannot exit before entering, and attractive supernormal profits provide an incentive to join the market. With low barriers, the result is entry by new firms."}]},{"id":"cb845503-02ea-4ad2-84ab-f60ed684d8cb","cardType":"basic","points":2,"front":"How does entry remove supernormal profit for existing firms?","back":"

More substitutes reduce each firm’s demand.
AR shifts left until normal profit remains.

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

More substitutes reduce each firm’s demand.
AR shifts left until normal profit remains.

","correct":true,"explanation":"Entry increases the number of close alternatives, shifting each existing firm’s demand and average revenue left until only normal profit remains."},{"text":"

Fewer substitutes increase each firm’s demand.
AR shifts right until normal profit remains.

","correct":false,"explanation":"Entry does not reduce the number of alternatives. New firms create more substitutes, shifting existing firms’ AR left until supernormal profit disappears."},{"text":"

More substitutes increase each firm’s demand.
AR shifts right until normal profit remains.

","correct":false,"explanation":"Entry raises competition rather than reducing it, so existing firms’ AR shifts left, not right, as demand is spread across more substitutes."},{"text":"

More substitutes reduce each firm’s demand.
AR stays unchanged until normal profit remains.

","correct":false,"explanation":"New entry increases the availability of substitutes and reduces existing firms’ demand. Their AR shifts left, rather than remaining unchanged, until normal profit remains."}]},{"id":"ff3aaf5b-2e16-492f-b58f-9d5fe6a20576","cardType":"basic","points":1,"front":"In long-run equilibrium, what is the relationship between AR and AC?","back":"AR is tangent to AC, so $AR = AC$.","mcqOptions":[{"text":"AR is tangent to AC, so $AR = AC$.","correct":true,"explanation":"In long-run equilibrium, entry removes supernormal profit until average revenue just touches average cost. At that tangency, the firm earns normal profit because $AR = AC$."},{"text":"AR is crossing AC, so $AR > AC$.","correct":false,"explanation":"If AR crossed AC, the firm would generally have either supernormal profit or a loss at some output. Long-run equilibrium requires tangency, giving $AR = AC$."},{"text":"AR is above AC, so $AR > AC$.","correct":false,"explanation":"AR lying wholly above AC would indicate supernormal profit, which attracts entry. Competition continues until AR is tangent to AC and normal profit remains."},{"text":"AR is below AC, so $AR < AC$.","correct":false,"explanation":"AR below AC would mean firms make losses and leave the market. Long-run equilibrium instead occurs when AR is tangent to AC, so $AR = AC$."}]},{"id":"af621e20-04f2-4297-b3bd-75e82bf5c471","cardType":"cloze","points":null,"front":"Excess capacity is the gap between [ ] and output where [ ].","back":"Excess capacity is the gap between actual output and output where AC is minimised.","mcqOptions":[{"text":"Excess capacity is the gap between actual output and output where AC is minimised.","correct":true,"explanation":"Excess capacity measures how much actual output could rise before reaching the output associated with minimum average cost, where productive efficiency occurs."},{"text":"Excess capacity is the gap between potential output and output where AC is minimised.","correct":false,"explanation":"The relevant comparison is with actual output, not potential output. Excess capacity is the gap between actual output and the output where AC is minimised."},{"text":"Excess capacity is the gap between actual output and output where MC is minimised.","correct":false,"explanation":"Minimum average cost identifies the efficient output, but excess capacity compares it with actual output. Marginal cost is not the relevant curve for this definition."},{"text":"Excess capacity is the gap between actual output and output where MR is maximised.","correct":false,"explanation":"Excess capacity concerns productive efficiency, which occurs at minimum AC. It is not measured against the output where marginal revenue is maximised."}]},{"id":"4d3f6ea7-989a-4f2f-8778-db77642d50da","cardType":"basic","points":2,"front":"Why is monopolistic competition usually allocatively inefficient?","back":"

$MR = MC$ at profit maximum.
$P > MR$, so $P > MC$.

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

$MR = MC$ at profit maximum.
$P > MR$, so $P > MC$.

","correct":true,"explanation":"Profit is maximised where $MR = MC$. Because the firm faces a downward-sloping demand curve, price exceeds marginal revenue, so $P > MC$ and allocative efficiency is not achieved."},{"text":"

$P = MC$ at profit maximum.
$P = MR$, so $P = MC$.

","correct":false,"explanation":"The firm still maximises profit where $MR = MC$. However, monopolistic competition has $P > MR$, so price remains above MC rather than equalling it."},{"text":"

$MR = MC$ at profit maximum.
$P < MR$, so $P < MC$.

","correct":false,"explanation":"Allocative inefficiency comes from price exceeding marginal cost. The firm chooses output where $MR = MC$, while its downward-sloping demand curve means $P > MR$."},{"text":"

$P = MC$ at profit maximum.
$P > MR$, so $P > MC$.

","correct":false,"explanation":"Setting $P = MR$ incorrectly treats the firm as a price taker. With differentiated products, the firm faces downward-sloping demand, so $P > MR$ and $P > MC$."}]},{"id":"14239d72-100a-4974-98a1-8d157be8540a","cardType":"basic","points":2,"front":"Why is long-run monopolistic competition usually productively inefficient?","back":"Firms produce below the minimum-AC output.","mcqOptions":[{"text":"Firms produce below the minimum-AC output.","correct":true,"explanation":"Long-run firms in monopolistic competition produce where their downward-sloping demand curve is tangent to AC, normally before AC reaches its minimum, creating excess capacity."},{"text":"Firms produce at the minimum-AC output.","correct":false,"explanation":"Producing at minimum AC would be productively efficient. Monopolistic competitors usually produce below this output because their demand curve is tangent to AC earlier."},{"text":"Firms produce above the minimum-AC output.","correct":false,"explanation":"Producing above minimum-AC output would place the firm beyond the lowest point of AC. The usual long-run outcome is production below minimum AC."},{"text":"Firms produce below the minimum-MC output.","correct":false,"explanation":"Minimum marginal cost is not the benchmark for productive efficiency. Productive efficiency requires minimum average cost, which firms usually do not reach."}]},{"id":"7d189274-d5ae-4087-93a7-6c0e456562ca","cardType":"basic","points":2,"front":"How can product differentiation increase consumer welfare?","back":"It gives consumers more choice and variety.","mcqOptions":[{"text":"It gives consumers more choice and variety.","correct":true,"explanation":"Differentiation gives consumers alternatives with different features, styles and characteristics, allowing preferences to be matched more closely through greater choice and variety."},{"text":"It gives consumers less choice and variety.","correct":false,"explanation":"Product differentiation usually increases the range of options rather than removing them. More choice and variety can better match differing consumer preferences."},{"text":"It gives consumers the same choice and variety.","correct":false,"explanation":"Differentiation concerns differences between products, not eliminating product variety. It benefits consumers by expanding choice and variety across competing brands."},{"text":"It gives consumers identical products and variety.","correct":false,"explanation":"Product differentiation does not guarantee identical products. Its consumer benefit comes from offering more choice and variety between competing products."}]},{"id":"d437fb3d-6132-4c0e-b512-d7de364367c1","cardType":"basic","points":2,"front":"How can non-price competition benefit consumers?","back":"It can improve quality, service, innovation or convenience.","mcqOptions":[{"text":"It can improve quality, service, innovation or convenience.","correct":true,"explanation":"Non-price competition can make products more valuable without lowering prices, for example through better quality, service, innovation or convenience."},{"text":"It can reduce quality, service, innovation or convenience.","correct":false,"explanation":"Non-price competition focuses on product features and promotional advantages rather than reducing prices. Consumer benefits may come through improved quality, service, innovation or convenience."},{"text":"It can increase quality, service, innovation or convenience costs.","correct":false,"explanation":"Non-price competition is not limited to advertising expenditure. It can improve the product or buying experience through quality, service, innovation or convenience."},{"text":"It can reduce quality, service, innovation or convenience for consumers.","correct":false,"explanation":"The benefit is not necessarily fewer alternatives. Non-price competition can improve quality, service, innovation or convenience for consumers."}]},{"id":"f91a3e2d-93db-42f9-960e-876be573bc7a","cardType":"basic","points":2,"front":"Why can selling costs be wasteful?","back":"They may shift customers between similar brands without improving products.","mcqOptions":[{"text":"They may shift customers between similar brands without improving products.","correct":true,"explanation":"Selling costs can merely persuade consumers to switch between close substitutes, diverting demand without creating better products or additional real consumer value."},{"text":"They may keep customers with the same brands without improving products.","correct":false,"explanation":"Selling costs may increase brand loyalty, but the waste arises when they shift customers between similar brands without improving the products themselves."},{"text":"They may shift customers between different products while improving products.","correct":false,"explanation":"Selling costs do not necessarily improve products. They can be wasteful when they shift customers between similar brands rather than creating genuine product improvements."},{"text":"They may create new products for similar brands without shifting customers.","correct":false,"explanation":"The concern is not that selling costs always create new products. They may waste resources by switching customers between similar brands without product improvement."}]},{"id":"9a581cab-d2da-4fde-951b-5f43a4dbff65","cardType":"basic","points":2,"front":"Why might many small firms have higher average costs?","back":"They may not exploit economies of scale.","mcqOptions":[{"text":"They may not exploit economies of scale.","correct":true,"explanation":"Small firms often produce at a limited scale, preventing them from gaining purchasing, technical and managerial economies. Their cost per unit may therefore remain higher."},{"text":"They may benefit from bulk-buying discounts.","correct":false,"explanation":"Bulk-buying discounts reduce input costs rather than raise average costs. Many small firms may instead have higher average costs because they cannot exploit economies of scale."},{"text":"They may spread fixed costs over more output.","correct":false,"explanation":"Spreading fixed costs across more output lowers average fixed cost. Small firms typically produce less output and may therefore be unable to exploit economies of scale."},{"text":"They may use more specialised machinery.","correct":false,"explanation":"Using specialised machinery can increase productivity and lower unit costs. Small firms may have higher average costs because their limited scale prevents such economies of scale."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Paper 1"},"heading":"Monopolistic competition","title":"Monopolistic competition Flashcards","topbar":{"backHref":"/a-level/economics/ocr/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"17163f04-f1e9-5f85-8e8d-cb3406330f78","walled":"$L39"}],"$L3a","$L3b"]