(a)[4]
What does economic growth per capita in real terms mean?
(b)[4]
Explain the difference between a firm’s variable costs and fixed costs. Consider which would be changed as a result of the changes in steel prices in 2015.
(c)[4]
Why does the article describe the steel market as “a buyers’ market"?
(d)[8]
Explain what is meant by market failure. Discuss whether the information gives any evidence that the government should support the steel industry because market failure exists.