(a)[12]
Explain what is meant by normal and abnormal profit and indicate when such profits might arise.
(b)[13]
Discuss what economic theory says about the characteristics and likely behaviour of firms in an oligopolistic market.
Economics 9708 · AS & A Level · 7.5
Explain what is meant by normal and abnormal profit and indicate when such profits might arise.
Discuss what economic theory says about the characteristics and likely behaviour of firms in an oligopolistic market.