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Price Elasticity of Demand measures the responsiveness of quantity demanded by consumers after a change in price of the product. At A-Level this is measured via two points on the demand curve A and B. The...
The tax increases costs of production, moving the supply curve to the left by the amount of tax. There has been a fall in the equilibrium quantity and a higher price paid by consumers. The burden of tax o...
The housing market is not a perfectly competitive market as it fails to fulfil the necessary characteristics of a perfectly competitive market. Firstly, in a perfectly competitive market, all the pr...
Short-run growth is simply an increase in a country's 'gross domestic product' or 'GDP', whereas long-run growth is an increase in the country's productive capacity. When thinking in terms of an ...
With any situation, it will either affect demand or supply. The factors affecting demand include income levels, consumer tastes and preferences, substitutes/complements and expectations. The factors affec...
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