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As of 1997, monetary policy has been independent from the government in order to remove any political bias or influence from the decision making. The government often had the habit of reducing interest ra...

An oligopoly is a type of market structure. A good example to think about would be the supermarket industry, where we can see our main suppliers of this industry are the likes of Tesco, Asda, Aldi etc. In...

This is a common question asked in past paper 1s for both SL and HL Economics. To approach this as a 15 marker, one would first define the key terms in the question such as defining a demerit good and ind...

Assumptions: large no. of firms in the industry, relatively small firms, low barriers to entry, perfect knowledge, product differentiation Allocative efficiency: MC=AR and the market allocated resources s...

Diagrams in IB Economics are a very important indicator to the examiner to quickly check if you know what you're doing. You can sound as smart as you want - mess up the diagrams, or don't use them, and yo...