Question
1.Enumerate six factors that could lead to a rightward shift of the supply curve 2.Explain the term price control as used in economy 3.Highlight
1.Enumerate six factors that could lead to a rightward shift of the supply curve
2.Explain the term "price control " as used in economy
3.Highlight eight reasons for price control in an economy 23
4.A)explain the term elasticity of supply
b) summarize three applications of elasticity of supply in an economic decision making
5.Differentiate between partial equilibrium analysis and general equilibrium analysis as used in economics
6.Summarize five exceptions to the law of demand
7.Distinguish between 'own price elasticity of demand ' and 'cross price elasticity of demand'
8.Outline four factors that would lead to a rightward shift in the demand curve
9.Outline four factors that determine the price elasticity of demand of a commodity
10.Distinguish between a 'price ceiling ' and a 'price flour'
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