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What is the difference between qualitative and quantitative data?

This is a common question at A-Level, especially in a Geographical Skills paper. You may be required to give examples of each type of data.Qualitative data is usually descriptive data such as the collection ...
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Answered by Robert W. • Geography tutor
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Explain the formation of a meander.

Explaining the formation of a meander is a common question at both GCSE and A-Level. The answer given below is for an A-Level response.Answering this question may also involve drawing a small annotated sketc...
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Answered by Robert W. • Geography tutor
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List and explain some ways in which a monopolistic firm can use it's lower costs as a barrier to entry.

Monopolistic firms often experience Economies of Scale which makes their average total costs lower than competitors. This can create significant abnormal profit and can create barriers through: Predatory pri...
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Answered by Reubin B. • Economics tutor
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What is meant by an oligopoly being both interdependent and uncertain in their price strategies?

Oligopolies are interdependant as the success of their price strategy relies on the reaction of other oligopoly firms in the market. If an oligopoly decided to increase the price of it's output, they would o...
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Answered by Reubin B. • Economics tutor
32891 Views

Explain how the diagram for a perfectly competitive firm demonstrates static efficiency.

Productive efficiency can be demonstrated by the firm's price relative to the Short Run Average Total Costs curve. By selling output at P 1 , (where MR=MC), it is selling at the minimum point on the SRATC cu...
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Answered by Reubin B. • Economics tutor
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