Top answers

Economics
GCSE

What is are economies of scale?

The idea that once a company expands, the production costs get proportional smaller to produce each product.

Answered by Jake P. Economics tutor
1139 Views

What is excess supply?

Excess supply is a form of allocative inefficiency where the supply of a good or service becomes greater than the demand for this good or service in the market. This often happens because the price for a ...

Answered by Chenab B. Economics tutor
1631 Views

Why can firms only make normal profit in the long run when under perfect competition?

Firstly it is important to understand the assumptions of perfect competition.They are as follows:-Large number of buyers and sellers-Homogenous (identical) goods-No barriers to entry or exit-Firms are pri...

Answered by Joseph S. Economics tutor
4071 Views

Explain one externality that could come about as a result of a factory producing clothes.

A factory producing clothes would likely produce air pollution. This is a negative externality as it is an unintended consequence of production.

Answered by Rachel T. Economics tutor
1241 Views

What is an oligopoly?

An oligopoly is a market which is dominated by a small number of firms. With a small number of firms in the market there is less competition between firms and therefore prices are unlikely to be best for ...

Answered by Archie B. Economics tutor
2106 Views

We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo
Cookie Preferences