Market StructuresBusinesses operate in different environments:Perfect Competition: Many small firms, identical products (e.g., agriculture).Monopolistic Competition: Many firms, similar but differentiated products (e.g., clothing).Oligopoly: A few large firms dominate (e.g., airlines).Monopoly: One firm controls the market (e.g., local utility companies).

Impact of competition, market conditions, incomes, interest rates, and environmental issues. Microeconomics (GCSE/A-Level): Markets, market failure, and government intervention. Macroeconomics (GCSE/A-Level):

A coffee shop raises its latte price from $4.00 to $5.00 (25% increase) and sees sales drop from 100 units to 70 units (30% decrease). Calculate PED. Answer: