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When answering an exam question such as this it is crucial to get down the key definitions, this also helps you when it comes to structuring an answer. For example, laying out the MEPOs in the introductio...
A supply shock happens when an event causes an economy's Short-Run Aggregate Supply (SRAS) curve to shift up or down the Aggregate Demand (AD) curve. In the case of a negative supply shock this shift caus...
Negative externalities are one of the main causes for market failure, meaning that the market is not operating at its optimal level and that there is a loss of social welfare. Negative externalities are o...
Using the theory of the firm diagram, firms select a quantity such that Marginal Revenue (MR) is equal to Marginal cost (MC).Using the diagram, as shown, you draw a vertical line up from this inters...
An increase in the cost of productions of a product would lead to several decisions being made the producer; they may either keep their market price the same, reducing their profit margins, or they may in...
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