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what is a natural monopolydefine natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to
explain how oligopolies can work both for and against consumersoligopolies market power can of course work against consumers - as price-setting and
what main features are found in oligopoliesassumptions of oligopoly four or five firm concentration ratio frequently there are benefits of scale to
explain what economies of scale are and why they have become increasingly common in later yearseconomies of scale - enhance in fixed factors but
why do so many international markets tend towards oligopolist structuredefinition of oligopoly - few and large firms with market power basic
explain how consumers might benefit from the existence of monopolieswhile the standard issue of monopolies having higher prices and lower output that
why might an oligopoly be reluctant to change its pricewhen some large firms have high total market share and are non-collusive there is a strong
explain how normal profit and abnormal profit differnormal profit breakeven - which must contain commentary on the inclusion of opportunity costs
how might a firm in an oligopolistic market attempt to increase market shareexplanation of oligopoly concentration ratio producer
explain how diminishing returns differ from diminishing returns to scalethe answer should clearly distinguish among sr one or more factors are fixed
explain the factors influencing the value of ped and yedped and yed should be explained and then dealt with in terms of determinants ped is dependent
how does the ped and pes of commodities affect producers in developing countriesexplanation of ped formulaic definition of ped outlining commodities
using commodities as an example explain the factors influencing the pes for such goodsthe basic determinants of pes are time included and the
explain why both the pes and ped tend to be inelastic in the short run for primary goodsped deals with primarily the ability and propensity of
what are the costs and difficulties of such an operationthe direct costs are administrative cooperative and storage costs whereas the societal costs
how the above would apply to non-renewable resources such as oilthis has general applicability to any competitive market the issue here is that
how would the price mechanism decide resource allocation in a competitive free marketthe main issue it to explain how the price mechanism has a
are markets the best way of solving the basic economic problem justify your answerthe core of the economic problem who what for whom is something
government increases the taxes on car ownership explain the possible market outcomes of such a decision as this is a tax paid by owners and
explain consumer sovereignty and why it might not be that extensive in real lifeexplanation of consumer sovereigntyuse of sd model to show how
explain the factors which would affect the price of a goodas there is a very long list of determinants the basic issue is for the student to describe
show the possible outcome of setting a minimum wage for under-eighteensexplaining and illustration of minimum wage - clearly set above market
use a supply and demand diagram to help explain how a city council might help to decrease traffic congestion in the city during weekends pointing out
how might governments use buffer stocks to stabilise pricesexplainoutline a buffer stock scheme in brief as a method for government in this case to
what actions could a government take in order to keep the price above market equilibriumthere are four basic possibilities here1 minimum price 2 a