Question Bank by Edumentors

From 11+, GCSEs to A-Levels and beyond - free study notes that students all across the UK use

100+ answers are available
building image

What is meant by an oligopoly being both interdependent and uncertain in their price strategies?

Interdependence the limited number of players, each firm's actions, especially regarding pricing, directly affect the others. For example, if one firm lowers its prices, it can significantly impact the market share of the other firms. This interdependence means that firms in an oligopoly must consider the potential re 

Read More...

Answered by: Krysia K
5.5Kviews

What is PED and how do we calculate it?

Price Elasticity of Demand (PED) is a measure that evaluates how responsive the quantity demanded of a good is to a change in its price. It shows the sensitivity of consumers to price alterations. Formula for Calculation PED is calculated with the formula: PED = (% Change in Quantity Demanded) / (% Change in Price)  

Read More...

Answered by: Krysia K
4.6Kviews

Can you explain how a change in consumers' expectations of future prices might shift the demand curve, and provide a real-world example?

Consumers' expectations of future prices can influence current demand. If consumers expect prices to rise in the future, they might buy more of the product now, shifting the current demand curve to the right. Conversely, if they expect prices to fall, they might buy less now, shifting the demand curve to the left. A r 

Read More...

Answered by: David Y
2.8Kviews
Download our free study tips

This handbook will help you plan your study time, beat procrastination, memorise the info and get your notes in order.

Top Tutors From UK At Edumentors

Need help to find a tutor?

Our educational experts will help you find the perfect online tutor from top UK universities.