Category: Economic

Answer: Yes, a retailer is concerned about both the location and presentation of goods. 1. Importance of location: A shop in a busy and easily accessible place can attract more

Answer: Monopoly has four main features. Example: A utility provider with exclusive legal rights to supply piped water in a city can be an example of monopoly. Remember: One seller,

Answer: Perfect competition has five main features. Example: A market with many farmers selling identical wheat can help explain perfect competition. Remember: Many buyers and sellers, identical goods, free entry

Answer: The main difference is the quantity of goods sold and who buys them. Wholesale Market Retail Market Goods are sold in large quantities. Goods are sold in small quantities.

Answer: Monopoly is a market where there is only one seller of a product or service, and there are no close substitutes. The seller has significant control over the price.

Answer: Perfect competition is a market where there are many buyers and sellers selling identical products. No single buyer or seller can control the market price. Example: Many farmers sell

Answer: A market is any arrangement where buyers and sellers come into contact to buy and sell goods or services. A market does not have to be a physical place.

Answer: When supply decreases but demand remains unchanged, fewer goods are available for buyers. This creates a shortage at the original price. As a result: Example: Bad weather damages orange

Answer: When demand increases but supply remains unchanged, more buyers want to purchase the same goods. This creates a shortage at the original price. As a result: Example: During hot

(a) Quantity demanded is greater than quantity supplied? Answer: A shortage occurs when buyers want more goods than sellers have available. Buyers compete to get the limited goods, so the