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This is a fairly common a) question on Economics HL paper one. It is a 10 mark question, so a maximum of 20 minutes should be spent on it in order to leave time for question b). It concerns the workings o...

First, the key terms in the question should be defined; perfect competition, monopoly, and long run. This should be done in the first paragraph, to pick up to easy band 1 marks.

One could structure...

if price increases, producer will increase producing the goods.

When talking about a state employing "monetary policy" to achieve macroeconomic objectives (low and steady rate of inflation and growth; low unemployment; stability in the balance of payments), ...

On one hand, this system has many advantages. It reduces uncertainty, ensures sensible government policies on inglation, reduces speculation and flunctuations... A reduced exchange rate can increase emplo...