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What is Unemployment?

Unemployment is the number of people that do not have a job, but have been actively searching for a job for at least 4 weeks. The unemployment rate can be calculated by dividing the number of people unemploy...
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Answered by Sonam S. • Economics tutor
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why is the profit maximising output where marginal cost (MC)= marginal revenue (MR)?

Marginal revenue is the revenue generated by selling the last unit of output. Marginal cost is the cost of producing the last unit of output. Profit is maximised at the output where MC=MR because if less out...
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Answered by Robin S. • Economics tutor
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Evaluate a fixed exchange rate system

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 employme...
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Answered by Zoe G. • Economics tutor
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What are the characteristics of a monopolistic market?

A monopololistic market exists when there exists only one supplier of a good or service, but there are many consumers. Some key characteristics of a monopolistic market are price maker, high barriers to entr...
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Answered by Zhen X. • Economics tutor
7137 Views

What are the distinctive characteristics of a perfectly competitive market?

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 mark...
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Answered by Nicolo G. • Economics tutor
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