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(a) What are the causes of monopoly? Is monopoly desirable? (8marks) (b) With the use of examples, differentiate between positive and normative economics (5marks)
(a) What are the causes of monopoly? Is monopoly desirable? (8marks) (b) With the use of examples, differentiate between positive and normative economics (5marks) (c) Differentiate between movements along a demand curve and a shift of demand curve and highlight the determinants of each case. Illustrate with diagrams. (d) Explain the goods that exhibit positive and negative elasticities of demand. (8marks) (4marks)
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a The causes of monopoly include barriers to entry such as high startup costs economies of scale gov...Get Instant Access to Expert-Tailored Solutions
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