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The condition for this scenario is that perfect competition must hold, whereby there is free entry to and exit from the market, and perfect information is available to all firms.In the short run, if firms...

Firstly, if a question like this is asked, we want to define the terms in the question. In this case 'Globalisation': which is the process of growing economic integration of the world's economies. When lo...

Decrease in the cost per unit of the phone, as specialisation means greater levels of efficiency meaning more output can be achieved with the same resources, lowering the cost of production per unit. Spec...

Depreciation involves reducing the value of the nations currency against others. Under a managed float this could be achieved by a central bank selling its own currency in exchange for foreign currency. T...

The Quantity Demanded of a product is the quantity of a good or service that consumers are willing and able to buy at different prices in a specified time period.The Demand curve<...