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Are there any costs as well as benefits to globalisation

Benefits: > Increased real national income and hence standard of living > Increase in the size of markets allowing MNC's to exploit and take advantage of economies of scale > Allowing domestic marke...
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Answered by Naim M. • Economics tutor
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Explain why a firm in Perfect Competition earns supernormal profits in the short-run

A perfectly competitive market is a market where a large number of firms produce identical products (perfect substitutes). The characteristics that define perfect competition are the following: - no barriers...
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Answered by Nora V. • Economics tutor
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Explain how fiscal stimulus might be used to bring about supply-side improvements in the UK economy.

Begin by defining fiscal policy and a supply-side improvement (the latter should be supplemented with a diagram). Following the definition of a supply-side policy, we might begin with examples of fiscal poli...
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Answered by James S. • Economics tutor
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Why would an increase in demand for a good cause an increase in price for a good?

Imagine that there are 10 apples to be sold at $1 each and that there are 10 people wanting to buy (demanding) an apple each. Now imagine there is an apple health-craze in this country and so now there are 3...
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Answered by Anna K. • Economics tutor
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What are the characteristics of an oligopoly?

An oligopoly is defined as a market structure where the market is dominated by a few large firms. Within the oligopoly, there is mutal interdependence, where firms base their prices and marketing strategies ...
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Answered by Raul L. • Economics tutor
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