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The legal definition of a monopoly is, any firm within an industry which possesses more than 25% market share. This can give an insight into how a 'monopoly' firm behaves, compared to firms in other forms...
A minimum wage is the lowest level of hourly pay that is acceptable by law. There are a number of positive impacts that could result from an increase in the UK national minimum wage. Firstly, an increase ...
In Economics we study the idea of 'scarcity' (also known as the Economic Problem). Scarcity means that there is a finite amount of resources and an infinite amount of wishes. The Price Mechanism exists to...
Perfect competition assumes that everyone has perfect information (no asymmetries). In addition, under perfect competition, there are many firms selling a homogeneous product. No one firm can have an effe...
The Price Elasticity of Supply for energy generated from nuclear power plants is likely to be quite low, likely below 1 – PES is calculated by %change in quantity supplied / %change in price, indicating t...
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