a.By providing example, explain three factors that might shift the demand curve for a product inward (to left).

b.Explain what is shown by a production possibility frontier. By the aid of graph, explain the best point of production.

c.If a monopoly develops, what is the likely impact on the price charged and the quantity available compared with perfect competition? (Use graph to support your answer)

d.By providing an example, explain how a government decision can have external benefit for some people.

e.What are the two types of inflation and how are they different?