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Explain the meaning of the law of demand, and using examples and diagrams, distinguish between movements along and shifts of the demand curve.

Define demand as the willingness and ability of a consumer to pay a certain price for a good or service at a specific period in time.

Explain the meaning of law of demand, where, ceteris...

Answered by Raya S. • Economics tutor

12714 Views

What are the likely impacts of a sustained budget deficit for an economy?

Interest rates on bonds increase, leading tp increased costs of borrowing. Leads to

a) fall in business investment, which reduces both AD and LRAS (i.e fall in economic growth)

Answered by Chuen Him K. • Economics tutor

3138 Views

What is the Monopoly Market Structure?

When one sees an industry where there is only one firm in the industry, this is referred to as a monopoly.

When looking at monopolies, the first assumption is that only one firm in the i...

Answered by Jenipher O. • Economics tutor

6905 Views

What are the features of an imperfect or monopolistic market?

This is the market structure that is more commonly found in the real world. It borrows its characteristics heavily from both perfectly competitive markets and monopolies. It's characteristics are as follo...

Answered by Shyam S. • Economics tutor

9613 Views

What is the law of diminishing returns?

The law of diminishing returns is when the marginal output of a production process decreases with every additional increase in a factor of production (or input), holding all other factors of production co...

Answered by Shyam S. • Economics tutor

3286 Views