Diagrammatic Analysis of the Labour Market Labour market equilibrium occurs where the demand for labour (DL) is equal to the supply of labour (SL) The DL is the demand by firms for workers The SL i...
Factors Influencing the Supply of Labour There are numerous factors that influence the amount of labour supplied to a particular industry Different factors are present in different markets e.g. in ...
Factors That Influence The Demand for Labour The labour market is composed of sellers of labour (households) & buyers of labour (firms) Workers supply their labour & firms demand labour The...
对于选择A-Level课程的同学来说，考试大纲的重要性毋庸置疑。因为考题多数都出自其中，想要在考试中拿到好成绩，备考前熟悉考纲，掌握各大知识点是必不可少的。A-Level各大考局，约每3年都要更新一次考纲。A-leve...
Characteristics of Contestable Markets A contestable market occurs when there is freedom of entry into a market & where costs of exit are low A contestable market & competition are differen...
Monopsony Power A monopsony occurs when there is a single buyer in the market A pure monopsony is actually very rare, however there are many cases where there is a dominant buyer in an oligopoly or...
Characteristics of Monopoly A monopoly is a market structure in which there is a single seller There are no substitute products The firm has complete market power & is able to set prices & ...
Characteristics of Oligopoly Most markets are imperfectly competitive Most imperfectly competitive industries operate in an oligopoly market structure E.g., Banks, insurance companies, department s...
Characteristics of Monopolistic Markets The characteristics of monopolistic competition are as follows There are a large number of small firms: each one is relatively small and can act independentl...
