Does anyone have notes that they could give on the new way to answer the market questions as they've said SPECS is no longer enough information to give this year?
where did they say that ?
What is SPECS?
No that's wrong - if they ask you to explain long-run equilibrium and you give SPECS (in the right order) you will get full marks.
However, they may ask you to link SPECS to the assumptions you described earlier in the question. In that case, link each aspect of SPECS that it applies to - just one line is enough.
E.g Monopoly : SNP's are earned as AR is greater than AC - this is due to the barriers to entry which allow the firm to set any price they choose (as there is no competition) etc.
No its not the first year - they've asked the question in the past but I can't remember what year.
REMEMBER : You only link if IT STATES IT IN THE QUESTION, otherwise SPECS is grand.
Did your teacher tell you about this convention where they said this?
Answer like this...
Equilibrium: At point E where mc=mr and mc is rising.
Price: Produces @ P1 etc.
Output: Produces @ Q1 etc.
Profits: If the firm is earning SNP's or not.
Efficiency: If the firm is producing at the lowest point of AC or not.
You can use this with any market form.
Hope this helps :)