I am currently a student of economics and government at the London School of Economics. I developed a passion for economics during my IB diploma studies and I hope I will be able to instill that passion in you as well. I am very patient and friendly. I have been previously tutoring mathematics and economics, but am also available for italian, biology and history. During the sessions, you will guide what we cover. Basic understanding is key, so before we do exam questions, we will focus on this. I will use as many different ways (diagrams, words, analogies) as possible to explain a concept, until you are confident enough that you can explain it to me. I am also available to help with university applications. If you have any questions, send me a 'WebMail' or book a 'Meet the Tutor Session'! (both accessible through this website). Remember to tell me your exam board and what you're struggling with. I look forward to meeting you!
HL English B
HL Italian Literature
12pm - 5pm
Please get in touch for more detailed availability
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 market price Many individual
buyers - none has any control over the market price Perfect fr...
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 market price
Many individual buyers - none has any control over the market price
Perfect freedom of entry and exit from the industry. Firms face no sunk costs and entry and exit from the market is feasible in the long run. This assumption means that all firms in a perfectly competitive market make normal profits in the long run
Homogeneous products are supplied to the markets that are perfect substitutes. This leads to each firms being “price takers" with a perfectly elastic demand curve for their product
Perfect knowledge – consumers have all readily available information about prices and products from competing suppliers and can access this at zero cost – in other words, there are few transactions costs involved in searching for the required information about prices. Likewise sellers have perfect knowledge about their competitors
Sellers do not behave strategically, due to the high number present in the market
4 months ago
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