On the global micro-work platform GlobalTranscribe, thousands of independent, home-based freelance transcribers provide standardized 1-minute audio transcriptions of identical quality. Elena is one such transcriber who faces a market price determined entirely by aggregate supply and demand on the platform.
Draw side-by-side diagrams showing the long-run equilibrium positions for both the overall market for 1-minute transcriptions and a typical individual micro-business, such as Elena's.
3 exam-style questions on Edexcel A A Level Economics 3.4.2 Perfect competition. Each one has a worked solution and a mark scheme showing where the marks go.