Search our library of Economics questions

Top answers

Economics

All levels

Should the government intervene in cases of market failure?

The benefits of government intervention are largely dependent on the type of government intervention and the form of market failure it hopes to correct, however it is normally beneficial for the governmen...

Answered by Gabrielle F. • Economics tutor

6578 Views

What will happen to the price level when the price of imports increases?

The price level will increase, because foreign goods will be more expensive and this will effect prices overall.

Answered by Gabrielle F. • Economics tutor

1894 Views

Should the government intervene in cases of market failure

Answered by Gabrielle F. • Economics tutor

3023 Views

Explain why a firm in perfect competition can not experience abnormal profit in the long run.

Perfect competition is a market structure in which an infinite number of firms produces identical products for an infinite number of consumers. It is an ideal and theoretical model. Abnormal (supernormal/...

Answered by Bianca V. • Economics tutor

40327 Views

On a Production Possibility Frontier diagram, indicate a point where resources are efficiently allocated (label X) and an inefficient one (labelled Y). Explain why X is efficient, why Y is inefficient and how output could be increased from both.

Concave PPF diagram - point X anywhere on the curve, point Y strictly inside the curve. X is efficient because an increase in output of one good cannot be achieved without reducing the output of the other...

Answered by Karl T. • Economics tutor

1587 Views