Understand the operation of market force – Assignment 3, P5 & M2 Explain different types of market structure, P5, Task 1 Economists use models so they are capable of explaining or predicting in a simpler way as they can show what is happening between variables. So economists may build a model of the market they are explaining so they can show the relationship between, demand, supply and price. Models are built upon assumptions and once relationships have been made they can explain and predict…
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