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Question 1:
Write short notes on any FOUR of the following: (equal marks each)
(a) Law of diminishing returns (b) Barriers to entry (c) Consumption Function (d) Devaluation (e) Multiplier Effect (f) Phillips Curve
Question 2:
(a) Giving examples, explain what do you understand by products differentiation?
(b) Discuss the output and price determination of a firm in the short run and long run concerned with differentiated products.
Question 3:
(a) Explain why a firm involved in the steel industry may not opt for a ‘price war' at least in the short run.
(b) Discuss why a member-firm of a cartel is prompted to cheat in the long- run.
Problem 1: "African Caribbean and Pacific (ACP) countries no longer have preferential access to the European market for their exports, except under provisions of „Special and D
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QUESTION (a) "There is always an inverse relationship between price and quantity demanded of a good." Discuss. (b) Explain with appropriate diagram(s) the different factors
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