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24:[["$","$L33",null,{"feature":"flashcards"}],"$L34",["$","$L35",null,{"href":"/gcse/economics/ocr/how-competition-affects-price/flashcards","label":"2.5.2 How competition affects price","subjectCode":"gcse_economics__ocr","surface":"flashcards"}],["$","$L36",null,{"runner":["$","div",null,{"className":"min-h-0 flex-1 overflow-hidden bg-background","children":["$","$L37",null,{"decks":[{"id":"3c9f830c-99ba-496d-9fc9-25349a802e26","title":"2.5.2 How competition affects price Flashcards","topicId":"f65fc5e6-831b-4fde-97fd-6be550b12c8f","topicSlug":"how-competition-affects-price","cards":[{"id":"db6056ec-7858-4d37-a031-0cac9a923a83","cardType":"basic","points":2,"front":"Why does a firm charging above its rivals' price lose sales?","back":"Buyers switch to cheaper rivals.","mcqOptions":null},{"id":"83588c3c-2be4-4b50-857b-7a4b16f30f14","cardType":"basic","points":1,"front":"What limits the price one seller can charge in a competitive market?","back":"The going market rate set by rivals.","mcqOptions":null},{"id":"d608dfec-2e45-4eb8-85c3-357273afeda5","cardType":"basic","points":2,"front":"What happens when one firm cuts its price below rivals' prices?","back":"It wins buyers, pressuring rivals to match it.","mcqOptions":null},{"id":"704b5d68-cfea-445b-9ae9-27a9c98eb966","cardType":"cloze","points":null,"front":"Competition pushes price down towards the [ ].","back":"Competition pushes price down towards the cost of production.","mcqOptions":null},{"id":"b6294292-e72c-454f-a555-d1f8a4f479b0","cardType":"basic","points":2,"front":"Why is production cost a floor for price in the long run?","back":"Firms cannot keep selling below cost for long.","mcqOptions":null},{"id":"470835af-1c21-4a3a-b9dc-03830ef688f2","cardType":"basic","points":3,"front":"Between which two limits does competition squeeze price?","back":"

What buyers will pay
Production costs

","mcqOptions":null},{"id":"885445bc-9b5a-4097-8633-89d1acc912fb","cardType":"basic","points":1,"front":"A firm is too small for its output to affect market price. What must it do?","back":"Accept the market price.","mcqOptions":null},{"id":"00321fa1-9746-4696-a921-4b539f633e6a","cardType":"cloze","points":null,"front":"A price-taking firm cannot affect the market price because its own output is [ ].","back":"A price-taking firm cannot affect the market price because its own output is too small.","mcqOptions":null},{"id":"4daafec3-25de-4aed-91a6-29cf6a77cbd2","cardType":"basic","points":2,"front":"Why does matching a rival's price cut reduce profit per unit?","back":"The price falls but production cost stays unchanged.","mcqOptions":null},{"id":"cddfd71a-2736-439c-8b06-de4cddcf5ee8","cardType":"cloze","points":null,"front":"Profit margin is profit per unit as a percentage of the [ ].","back":"Profit margin is profit per unit as a percentage of the selling price.","mcqOptions":null},{"id":"5b7decdb-dc48-4841-bb98-dafd5c8c8298","cardType":"basic","points":1,"front":"What is the formula for profit margin?","back":"Profit per unit ÷ selling price × 100.","mcqOptions":null},{"id":"ad4ce981-67ac-4ad2-90d2-af0201ede551","cardType":"basic","points":1,"front":"A sandwich sells for £4.00 and costs £3.00. What is its profit margin?","back":"25%.","mcqOptions":null},{"id":"3784a7c4-de33-4e97-b87d-abd410dfcc9e","cardType":"basic","points":1,"front":"A sandwich sells for £3.50 and costs £3.00. What is its profit margin?","back":"14.3%.","mcqOptions":null},{"id":"07809f01-4938-44a8-a693-53f0663775f5","cardType":"cloze","points":null,"front":"For the sandwich shop, a 50p price cut reduces the margin from 25% to [ ].","back":"For the sandwich shop, a 50p price cut reduces the margin from 25% to 14.3%.","mcqOptions":null},{"id":"5bf0b726-1414-453f-9401-84dcb4dfe2ce","cardType":"basic","points":2,"front":"When market price is fixed, how can a firm restore its profit margin?","back":"Lower its cost per unit.","mcqOptions":null},{"id":"40c5df20-75f7-4227-a32a-63b6e6edb4ae","cardType":"basic","points":3,"front":"Give two ways firms can reduce costs under competition.","back":"

Invest in equipment
Negotiate harder with suppliers

","mcqOptions":null},{"id":"05edc4b2-81d2-436d-8f1c-58fbeee8a0d0","cardType":"basic","points":2,"front":"How can competition increase productivity across the economy?","back":"Price pressure drives firms to cut costs.","mcqOptions":null},{"id":"83e688a8-32bf-40fc-9ac3-fd50cc98a8cf","cardType":"basic","points":1,"front":"What happens to a firm that cannot lower costs enough to survive competition?","back":"It leaves the market.","mcqOptions":null},{"id":"79e5368a-ec00-4e65-be28-16e838acefaa","cardType":"basic","points":1,"front":"What is non-price competition?","back":"Competing through factors other than price.","mcqOptions":null},{"id":"ad03b7fc-5238-4470-a4d2-204462a122fc","cardType":"basic","points":3,"front":"Give two examples of non-price competition.","back":"

Quality
Branding

","mcqOptions":null},{"id":"eaead67f-aaf9-4391-a622-8b1e47f42280","cardType":"cloze","points":null,"front":"A price advantage rarely lasts because rivals can [ ] quickly.","back":"A price advantage rarely lasts because rivals can copy a price cut quickly.","mcqOptions":null},{"id":"94f39298-a064-4efb-9f0e-1c469fd9b1a2","cardType":"basic","points":2,"front":"Why can non-price competition allow a firm to hold its price up?","back":"Buyers see its product as different from rivals'.","mcqOptions":null},{"id":"4cb7bcb5-5b80-4e3f-8655-758ddfb90e7b","cardType":"cloze","points":null,"front":"Loyalty schemes weaken price competition by making buyers less able to [ ].","back":"Loyalty schemes weaken price competition by making buyers less able to switch.","mcqOptions":null},{"id":"2ea7a88b-c148-47e4-a679-8d5486c6e949","cardType":"basic","points":3,"front":"Name three conditions affecting how far competition lowers price.","back":"

Number of sellers
Ease of buyer switching
Product similarity

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