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What is unitary price elasticity of demand?

Price elasticity of demand (PED) is the responsiveness of quantity demanded to a change in price. Effectively, how much will people increase/decrease the quantity they buy of a good relative to the amount pr...
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Answered by Alfie S. • Economics tutor
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What is a monopoly?

A monopoly is a market structure where there is one single dominant firm (opposite to perfect competition). Since they dominate the market they are able to set the price because there are no close substitute...
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Answered by Zuzanna S. • Economics tutor
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How might an increase in average income levels affect the average price level?

According to Keynesian theory, the aggregate demand of the economy consists of consumption + investment + government spending + net exports (exports less imports). This takes into account all transactions in...
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Answered by Alice A. • Economics tutor
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What is opportunity cost

Highest valued option forgone.
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Answered by Max L. • Economics tutor
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Name four changes that would cause an increase in an individual consumer's demand for a good or service.

To answer this question, we need to think about the "factors of demand", which are the variables that determine an individual's demand for a good or service. The four main factors to remember are a...
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Answered by Hamza A. • Economics tutor
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