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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 const...
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Answered by Shyam S. • Economics tutor
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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 allow...
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Answered by Tim V. • Economics tutor
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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 wider scope of spec...
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What are the causes and effects of globalisation?

Isolate/Define key terms - globalisation - causes - effects - split into benefits and costs 1. Causes of Globalisation - exploitation of resources - improved technology - freedom of trade 2. Costs of Globali...
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Answered by Tom G. • Economics tutor
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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 productive ef...
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Answered by Daniel E. • Economics tutor
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