Top answers

Explain why, in the long run, a firm will always make normal profits.

The condition for this scenario is that perfect competition must hold, whereby there is free entry to and exit from the market, and perfect information is available to all firms.In the short run, if firms su...
JR
Answered by Joe R. • Economics tutor
2995 Views

What are the main causes of globalisation? (8)

Firstly, if a question like this is asked, we want to define the terms in the question. In this case 'Globalisation': which is the process of growing economic integration of the world's economies. When looki...
MC
Answered by Manav C. • Economics tutor
4249 Views

Which one of the following is the most likely consequence of an increase in the division of labour in the production of smartphones?

Decrease in the cost per unit of the phone, as specialisation means greater levels of efficiency meaning more output can be achieved with the same resources, lowering the cost of production per unit. Special...
OU
Answered by Oke U. • Economics tutor
7767 Views

Assess the economic effects of a depreciation on a countries currency

Depreciation involves reducing the value of the nations currency against others. Under a managed float this could be achieved by a central bank selling its own currency in exchange for foreign currency. This...
OB
Answered by Oliver B. • Economics tutor
6808 Views

State and explain all of the factors which can shift the demand curve of a product

The Quantity Demanded of a product is the quantity of a good or service that consumers are willing and able to buy at different prices in a specified time period. The Demand curve is a curve which shows the ...
OB
Answered by Oliver B. • Economics tutor
38516 Views