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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...
The key for a good 30 marker is sticking to the same tried and tested method. Start off by defining any key terms in your introduction and potentially referencing data you may have been given. Then in the...
A floating exchange rate is when the price of money is determined only by demand and supply, no government intervention occurs. The factors, which influence the level of a country’s exchange rate are the ...
Price elasticity of demand (PED) measures the responsiveness of percentage change in the quantity demanded of a good with respect to a percentage change in the price of a good. It is measured by the formu...
GDP is a monetary value, it is the "total money value of all final goods and services produced in an economy in one year," therefore it fails to take into consideration any social indicators, wh...
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