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-Cost of best alternative forgone-Can be applied to firms, consumers and government (our main groups for micro)-Give some examples or see if they can come up with their own

In a free market economy like that of the UK, incomes will be very unequally distributed. In order to tackle this issue, the government can use its tax and benefit policy to redistribute income. Progressi...

For the pharmaceutical company to successfully price discriminate; the market must be split into two- both which have a different PED for the drugs. Consumers with inelastic price elasticity for drugs are...

Interest rates have an impact on the component of aggregate demand (AD) in an economy. AD is made up of consumption + investment + government spending + net trade. A rise in interest rates would mean cons...

For this question, we need to talk about the price elasticity of supply of two things (1) frozen pizzas and (2) fresh vegetables. If supply is more price elastic, then th...