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Perfect Competition and Monopoly are opposite extremes of market structure. The main starting point for the differences between the two market structures is the ease of entrance and exit to and from the m...
The law of diminishing marginal returns is when a firm experiences a fall in returns as more units are produced in the short term. In the short run at at least one factor is fixed, such as lan...
Firstly, it would be useful to look at some key definitions. An import tariff is a fee paid to bring goods from abroad into a country and be sold. Therefore, a rise in Chinese import tariffs raises the pr...
The aim of the Bank of England (BoE) is to keep inflation within the set target of +-1% of 2% CPI. Therefore, as part of it's monetary policy, the BoE increases the Bank rate to lower inflation in the eco...
Economic growth is an increase in the real gdp in the economy. One tool that could be used changing the interest rates. Interest rates are the cost of borrowing, and reward for saving. In order to increas...
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