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At the beginning of their course most A-level students fall into the trap of thinking a good evaluation point is one which completely contradicts or negates their previous argument. That is not the case. ...

Supernormal profits are made when Total Revenue is greater than Total Costs. When no supernormal profits are made Total Revenue = Total Costs, (it therefore follows that Average Revenue = Average Costs).I...

The national minimum wage (NMW) is a legally imposed wage floor below which wages cannot fall. By increasing the NMW workers receive higher wages. This has five major benefits. Firstly, a rise in the NMW ...

Start by defining the key economic terms which are used in the question. This is absolutely essential. After your definitions move on to the next paragraph. In the second paragraph you need to explain the...

A normal good is a good in which as your income rises your demand for that good also rises. And if your income falls your demand for that good also falls. The best way to learn about normal goods is wi...