Quick Revision Quiz
Explain what will happen to LR equilibrium from this situation, following a fall in AD:
What does Non-Rivalrous in Consumption mean?
Give an example of a niche market.
How does online retailing impact the market?
Draw a supply/demand diagram to show how a Buffer Stock scheme works.
What is the YED range for Income Inlastic Products?
Define Diseconomies of Scale
If a product is featured on TV and suddenly is perceived to be 'cool', what will happen to the demand for the product?
What is the formula for PED?
Define Discretionary Fiscal Policy