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Why are no supernormal profits made in perfect competition in the long run?

Supernormal profits are made when Total Revenue is greater than Total Costs. When no supernormal profits are made Total Revenue = Total Costs, (it therefore follows that Average Revenue = Average Costs).In a...
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Answered by Xenia K. • Economics tutor
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What are the benefits of an increase in the National Minimum Wage?

The national minimum wage (NMW) is a legally imposed wage floor below which wages cannot fall. By increasing the NMW workers receive higher wages. This has five major benefits. Firstly, a rise in the NMW wou...
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Answered by Xenia K. • Economics tutor
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Can you explain adjective endings to me?

Like every grammar topic in German, adjective endings become more intuitive the more you read and write. One possible (and possibly tedious) way of learning them is through memorising grammar tables, but I'l...
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Describe the model now used for the structure of an atom. Refer to the constituent particles including their relative masses and charges.

In an atom, the mass is concentrated in the nucleus which is at the centre of the atom. The nucleus is composed of neutrons and protons, each with a relative mass of 1. By comparison, the third component of ...
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Answered by Lewis C. • Physics tutor
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Describe the energy changes as electricity is produced in a fossil fuel station.

To begin with, chemical energy in the fuel is released through combustion and becomes thermal energy. This thermal energy is used to heat water which evaporates and become steam. The rising steam turns turbi...
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Answered by Lewis C. • Physics tutor
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