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Why does a monopoly equate marginal revenue and marginal cost?

We should start by understanding what marginal revenue and marginal costs are. The marginal revenue is simply the marginal change in revenue after a rise in quantity (fall in price), we can think of it as th...
RB
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Explain the main barriers that LEDC's face when attempting to achieve stable, long-term growth

Long-term growth is defined as an increase in the productive capacity of an economy, which is due to the increase in the quality or quantity of an economy's factors of production (FoP). These barriers may in...
RT
Answered by Richard T. • Economics tutor
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Describe and explain the factors that determine supply and demand, and use diagrams to support your answer.

Factors of Demand:Taste, Substitutes, Complements, Necessity, Income Factors of Supply:Raw materials. Labour, Tax, Weather students will pick one type of shift they will analyse. Once key factors are determi...
KM
Answered by Krishna M. • Economics tutor
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What conflicts between macroeconomics objectives may occur in an economy?

The four macroeconomics objectives are; stable inflation, low unemployment, economic growth, and a strong balance of payments. Conflicts may occur between these objectives when in an attempt to achieve one o...
TP
Answered by Thomas P. • Economics tutor
9667 Views

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

Use of petrol and diesel cars causes over-pollution to the environment, which is an externality in the economy. The overconsumption of petrol and diesel cars results in more pollution and emissions than is s...
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Answered by Seb M. • Economics tutor
15165 Views