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Marginal revenue is the revenue generated by selling the last unit of output. Marginal cost is the cost of producing the last unit of output. Profit is maximised at the output where MC=MR because if less ...
A monopololistic market exists when there exists only one supplier of a good or service, but there are many consumers. Some key characteristics of a monopolistic market are price maker, high barriers to e...
The key for a good 30 marker is sticking to the same tried and tested method. Start off by defining any key terms in your introduction and potentially referencing data you may have been given. Then in the...
Price elasticity of demand (PED) measures the responsiveness of percentage change in the quantity demanded of a good with respect to a percentage change in the price of a good. It is measured by the formu...
A perfectly competitive market is a market in which there are many buyers and many sellers who all have perfect information.
There are many firms in the market who all produce exactly the...
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