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Degree: Economics and Finance (Bachelors) - Bristol University
|Economics||A Level||£20 /hr|
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This is the market structure that is more commonly found in the real world. It borrows its characteristics heavily from both perfectly competitive markets and monopolies. It's characteristics are as follows:
- A large number of firms that act independently
- Product differentiation
- Freedom of entry into, and exit out of, the market.
- Non-price competition
- Excess capacity (the difference between cost minimisation output and profit maximisation output)see more
Lots and lots of past paper questions! Any other questions as well really. When it comes to maths, practice makes perfect. Every time that you answer questions from a specific topic, you develop an extra bit of understanding. Exam questions usually follow similar methods, so once you get enough experience you'll become more and more comfortable as you get closer to the exam date!see more
The law of diminishing returns is when the marginal output of a production process decreases with every additional increase in a factor of production (or input), holding all other factors of production constant.