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Firstly define some features of monopolistically competitive market including: differentiated products, some influence over price, good information, no barriers to entry or exit, manyproducers and consume...
Tariffs are a tax a government puts on good which are imported into a country. This increases the price per unit of the imported good and is often used by governments o attempt to encourage individuals to...
The Law of Diminishing Returns is a fundamental theory and pertains to a production function in the short run. It is important to note that Diminishing Returns does not work the same way in the long run. ...
Collusion is when firms cooperate for mutual benefit. This usually occurs in oligopoly markets such as the energy market, where a few large firms compete for market share. Collusion between energy supplie...
A currency depreciation occurs when the value of one currency, in this case the pound sterling, falls in value in terms of another currency, such as the US dollar or Japanese Yen. A depreciation in the va...
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