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VAT is an indirect tax that is applied to goods deemed by the government as a necessity. An increase to this tax will firstly cause a decrease to real incomes of individuals within the UK, as goods will b...
An oligopoly is a type of market structure in which there are few firms with large market share and degree of monopoly power. Car manufacturers and supermarkets are an example of that. Oligopolies a...
Start of by plotting a demand and supply diagram, indicate the equilibrium. Add in the marginal revenue line because a monopoly produces where MC = MR.
Increase in price of sugar will lead to a rise in production costs for the sweet company as it is a factor of productionResponse: reduce supply/ raising price (inward shift of supply on diagram)General po...
One cause of a shift in the supply curve to the right could be a decrease in costs of production. If a firm has lower costs of production, such as labour, it will be able to supply more of a product at an...
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