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First, the key terms in the question should be defined; perfect competition, monopoly, and long run. This should be done in the first paragraph, to pick up to easy band 1 marks.

One could structure...

if price increases, producer will increase producing the goods.

When talking about a state employing "monetary policy" to achieve macroeconomic objectives (low and steady rate of inflation and growth; low unemployment; stability in the balance of payments), ...

On one hand, this system has many advantages. It reduces uncertainty, ensures sensible government policies on inglation, reduces speculation and flunctuations... A reduced exchange rate can increase emplo...

Many sellers in the market - each of whom produce a low percentage of market output and cannot influence the prevailing market price – each firm in this market is a price taker - i.e. it has to take the m...