13. Discuss the basic objectives and nature of competition policies with specific reference to the 'structure-conduct-performance' hypothesis. (15)

14. Illustrate and explain the decreasing cost case. Should natural monopolies be regulated? (20)

15. Discuss Nozick's entitlement theory and briefly consider its relevance for South Africa.(15)

16. Explain why altruistic behaviour could provide a Pareto-based justification for a policy of income redistribution.(10)