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Using a price ceiling diagram, analyse the impact a maximum price might have on the market for food.

A maximum price is a price set below the market equilibrium by the government which firms are not allowed to exceed. This can result in creating disequilibrium in the market resulting in ...

IM
Answered by Izma M. Economics tutor
8750 Views

What are some of the socio-economic causes of high population growth in sub-Saharan Africa?

Due to relative poverty in large parts of sub-Saharan Africa (especially in rural areas) a lot of people can't afford contraceptives even when they are available, furthermore, high rates of subsistence fa...

TV
Answered by Thibaud V. Geography tutor
1752 Views

Discuss the possible consequences of the imposition of an indirect tax on cigarettes for the different stakeholders in the market.

An indirect tax (when a government places a tax on goods or services) on cigarettes is an example of the correction of a negative externality of consumption (a market fai...

RD
Answered by Rhea D. Economics tutor
15417 Views

Distinguish between the concepts of income elasticity of demand (YED) and cross price elasticity of demand (XED)

In economics, elasticities are an indicator of the responsiveness of demand after a change in price or income. Income elasticity of demand is the relative change i...

MC
43475 Views

Explain why a perfectly competitive firm will make normal profit in the long run.

A perfectly competitive market structure possess 4 defining characteristics. 1- Homegenous goods (all goods produced by different suppliers are of same quality and form, eg. Oranges) 2. No barriers to ent...

JT
Answered by James T. Economics tutor
7332 Views

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