Are there any shops in your area that stay open later than others? If so, does this affect the prices they charge? Why do you think this is?
Answer to relevant QuestionsGive three examples of oligopolistic industries. In what ways do the firms in each of these industries compete? Why do they choose to compete in the way that they do?What is meant by the principal–agent problem? Give two examples of this problem that you havecome across in your own experience.Why does the marginal revenue product differ betweenworkers in different jobs?Consider the cases for and against a poll tax.Make out a case for (a) Increasing and(b) Decreasing the role of the government in the allocation of resources.
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