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Economics
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What are tariffs?

Tariffs are taxes on imported products. Governments impose them in order to discourage consumers from purchasing imported products and/or to raise revenue. 

Tariffs can be ad-valorem (% t...

Answered by Angeliki H. Economics tutor
10915 Views

What is market failure?

The term market failure describes the failure of the market system to allocate resources effectively. It takes place when the quantity of a product demanded by consumers is not equal t...

Answered by Angeliki H. Economics tutor
3851 Views

Can the creation of a labour union actually cause a loss of employment?

In some circumstances, yes. The introduction of a labour union that fights to gain higher wages by using group bargaining tactics could create a minimum wage floor above the pre-existing market equilib...

Answered by Conor A. Economics tutor
2728 Views

How many diagrams is it best to use in an extended essay?

It's a common misconception that more diagrams are always better. In fact, a diagram that is ill-defined or poorly linked to the question will not add anything to your answer and it can demonstrate a l...

Answered by David C. Economics tutor
7494 Views

How would a change in income affect the quantity demanded of an inferior good?

Goods can be classfied as either normal or inferior when we examine how a change in income of a consumer affects how much of agiven good they choose to consume.

In most circumstances one ...

Answered by Bertie M. Economics tutor
12364 Views

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