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• In perfectly competitive markets, equilibrium in the labour markets is determined by the demand and supply of labour. For one particular firm, the supply of labour is determined by labour supply curve i...

First of all, it is important to understand what a fiscal policy really is. This is a tool used by the government to influence the aggregate demand of the economy and consequently, the to...

Decrease in the cost per unit of the phone, as specialisation means greater levels of efficiency meaning more output can be achieved with the same resources, lowering the cost of production per unit. Spec...

Prior to 2008, many banks made loans to people buying houses without properly insuring that they would be able to repay them. The banks assumed that if any given customer had to default on their loan, the...

Income taxes in the UK are progressive in nature, where an increasing percentage of income is paid to the government depending on the individuals earning level. Because higher earners pay more than lower ...