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Economics

A Level

What is the law of diminishing returns?

The law of diminishing returns is when the marginal output of a production process decreases with every additional increase in a factor of production (or input), holding all other factors of production co...

Answered by Shyam S. • Economics tutor

3830 Views

Evaluate policies which a UK government could use to control the activities of oligopolists. (25 marks)

An oligopolistic market is one where mutliple firms coexist in order to provide similar goods or services. The firm’s in this market are however, price makers despite similarities in the products. This...

Answered by Tim V. • Economics tutor

33723 Views

Explain one economies of scale that a firm may enjoy when it expands its production scale.

1. Technical economies of sale: Large firms can utilize more fully the machines and plant equitments and thus reduce the average cost.

2.Managerial economies of scale: A large firm with a...

Answered by Chun Yin L. • Economics tutor

3455 Views

What are the causes and effects of globalisation?

Isolate/Define key terms

- globalisation

- causes

- effects - split into benefits and costs

1. Causes of Globalisation

Answered by Tom G. • Economics tutor

15095 Views

What is the best market structure?

In Economics, we tend to think of "best" as synonymous with "most efficient." There are many different types of efficiency, but the most important of them are allocative and product...

Answered by Daniel E. • Economics tutor

30677 Views