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Economics
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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
1626 Views

What is meant by comparative advantage?

Comparative advantage refers to a country's ability to produce a good or service at a lower opportunity cost than another country. Opportunity cost is the 'next best alternative forgone'. So for ...

Answered by Zoe T. Economics tutor
1320 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
4064 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
1238 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
2100 Views

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