Explain how price and output are determined for a firm in a monopolistically competitive market, in both the short run and the long run

There is a v simple formula for answering these 'explain' questionsStart with definitions - what is monopolistic competition? -10% of marksThen to score full marks, you must include:2 well-reasoned chains of analysis - this is effectively answering the question in a logical fashion >50% at least 1 diagram - used to illustrate your analysis, not replace it! - 10%at least 1 good example to anchor you analysis to reality - 10%if there is an extract you MUST use something from it (facts/example etc.) - 10%a final conclusion is always a nice touch - just a sentence is sufficient

WH
Answered by Will H. Economics tutor

2823 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

With the help of a diagram, explain why a trade-off between price stability and low unemployment might occur. (9 marks)


Evaluate the micro and macroeconomic effects of the UK leaving the EU Single Market.


What would be the impact on the multipler effect given an increase in income tax?


Explain why the use of petrol and diesel cars may be a source of market failure. [15]


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences