Top answers

What is the natural rate of unemployment? Can we have a 0% rate of unemployment?

In the labour market we have two components: the "demand of workers" by the firm and "the supply of workers" who are actually the workers themselves. How do frims demand for workers? They...
FI
Answered by Filippo I. • Economics tutor
4950 Views

How does income affect the Demand curve?

Demand is the amount a consumer is willing and able to purchase a good or services for at various prices at a given point in time. A rise in the incomes of households would mean they have more disposable inc...
BO
Answered by Bola O. • Economics tutor
6175 Views

How does a firm maximise revenue (linear revenue curves)?

Total revenue is maximised where the downward sloping marginal revenue curve cuts the x-axis. This makes sense when we realise that 'marginal' means 'of an additional unit'. So, total revenue is maximised wh...
OB
Answered by Oliver B. • Economics tutor
3502 Views

Explain the factors which might determine the natural rate of unemployment (15 Marks)

Labour mobility (Frictional) Geographical immobility of labour Certain areas are too expensive to live in thus pricing out workers from jobs in an area, especially if transport links are poor Renders people ...
ID
Answered by Issa D. • Economics tutor
9515 Views

Explain the law of supply and demand and why it is important.

The law of supply and demand is one of the fundamental concepts of basic economics. It is the foundation on which several economic theories have been built. The law of demand states the higher the price of a...
AG
Answered by Adriana G. • Economics tutor
30171 Views