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It is stated that the production of burgers can be split into different stages following the installation of the machine. This allows for the division of labour and the subsequent specialisation of worker...

Some characteristics of a perfectly competitive market structure are: (i) Firms supply homogenous goods. This means that each firm essentially sells the same good and there is no way of differentiating th...

Aggregate demand is defined as the total level of goods and services in an economy at a given time.
The first components of aggregate demand is Consumption (C), which refers to the demand for durable...

Market failure can be defined as the mis-allocation of resources in a market. Complete market failure occurs when no good or service is provided resulting in the nonexistence of a market. Partial market f...

The equilibrium is defined as the point at which demand and supply are equal and there is no tendency to change, hence there is stability within the market.
Firstly it is vital to understand both d...