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VAT is an indirect tax that is applied to goods deemed by the government as a necessity. An increase to this tax will firstly cause a decrease to real incomes of individuals within the UK, as goods will b...
An oligopoly is a type of market structure in which there are few firms with large market share and degree of monopoly power. Car manufacturers and supermarkets are an example of that. Oligopolies a...
Increase in price of sugar will lead to a rise in production costs for the sweet company as it is a factor of productionResponse: reduce supply/ raising price (inward shift of supply on diagram)General po...
Economic profit is also known as super-normal which is the level of profit made above the normal profit mark. Normal profit is the level of profit made that is essential for a firm to survive in the marke...
A specific tax is a fixed amount levied on purchases of a commodity. These are often used by the Government to reduce the quantity demanded of goods that produce a negative externality, which means that t...
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