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What is structural unemployment and how can government intervention affect the level of structural unemployment?

Structural unemployment is the permanent decrease of elimination of a specific kind of job within a 'sunset' industry, an industry that is becoming obsolete because consumers are no longer demanding this ind...
VL
7373 Views

Under what conditions can a firm sell the same product at different prices?

This is a clear example of price discrimination, which can be defined as when sales of identical goods or services are transacted at different prices from the same provider. This would not exist in monopolis...
AT
Answered by Anita T. • Economics tutor
3248 Views

Evaluate the impact of a price ceiling

A price ceiling is defined as a maximum price for a good set below the market equilibrium price, typically to protect the consumers of that specific good. Rent controls in the housing market are an example o...
LA
Answered by Ludovic A. • Economics tutor
14522 Views

What is the key difference between the Keynsian and the Neo-Classical schools of thought? Explain using a diagram.

The Neo-Classical school of thought is built under the assumption of prices being flexible in both directions(upwards or downwards). On the other hand, Keynes suggested that wages are inflexible downwards, r...
GM
Answered by George M. • Economics tutor
5647 Views

Explain how a profit can be earned in the short run but not the long run in a perfectly competitive market.

This is a fairly common a) question on Economics HL paper one. It is a 10 mark question, so a maximum of 20 minutes should be spent on it in order to leave time for question b). It concerns the workings of t...
WG
Answered by William G. • Economics tutor
9554 Views