Top answers

How do I provide a good evaluation point for something I agree with?

At the beginning of their course most A-level students fall into the trap of thinking a good evaluation point is one which completely contradicts or negates their previous argument. That is not the case. If ...
XK
Answered by Xenia K. • Economics tutor
3612 Views

Why are no supernormal profits made in perfect competition in the long run?

Supernormal profits are made when Total Revenue is greater than Total Costs. When no supernormal profits are made Total Revenue = Total Costs, (it therefore follows that Average Revenue = Average Costs).In a...
XK
Answered by Xenia K. • Economics tutor
14188 Views

What is the difference between an elastic good and an in-elastic good?

The demand for a good which is elastic will react significantly to a change in price of a good. So if I was selling mars bars in a shop ( and mars bars were an elastic good) if I increased the price of a mar...
LL
Answered by Logan L. • Economics tutor
5512 Views

What is the law of diminishing (marginal) returns?

This a fundamental for theory of the firm. It explains the shape of the marginal product (MP) curve! Formal Definition: When one or more factors are held fixed, there will come a point beyond which the extra...
YA
Answered by Yasmin A. • Economics tutor
9749 Views

Do only monopolies have monopoly power?

Monopoly power is commonly associated with oligopolists and not just monopolists. Firms in these markets use their monopoly power to construct entry barriers such as hugely expensive advertising campaigns th...
BP
3670 Views