discuss the following questions

Under perfect market conditions the market price of products is determined through the interaction of supply and demand. Discuss perfect competition under the following headings: A comparison of the demand curve of the individual producer and industry Profit maximisation Use graphs to support your discussion. (26) In your opinion, does the Competition Act of South Africa promote fair competition? (10) QUESTION 6: CONTEMPORARY ECONOMIC ISSUES 40 MARKS - 35 MINUTES Inflation is a phenomenon that many countries in the world have to deal with. . Examine in detail the causes of cost-push inflation. (26) . Has South Africa's inflation-targeting policy been beneficial to the economy? Motivate your response. (10)Government is constantly trying to achieve specific objectives to improve the standard of living of the nation. . Discuss the macroeconomic objectives of the state in South Africa's economy. . In your opinion, to what extent has the South African government achieved these objectives? QUESTION 6: ECONOMIC PURSUITS 40 MARKS - 35 MINUTES Since 1994 the South African government has developed different strategies to transform the economy. . Discuss the following South African growth and development strategies in detail: - National Skills Development Strategy (NSDS) - The New Growth Path (NGP) National Development Plan (NDP) . Evaluate the strategies used in South Africa.2.3 Study the graph below and answer the questions that follow. LONG-RUN EQUILIBRIUM IN A MONOPOLY MARKET Price Cost MC Revenue AC 6 4 3 DD/AR IMR: 100 120 140 Quantity/Units 2.3.1 Indicate the profit maximisation point of the monopolist. 2.3.2 How many units will be produced at the maximisation point? 2.3.3 Determine whether the business is making an economic profit or an economic loss. Show ALL calculations. 2.3.4 What favourable conditions may the monopolist enjoy in comparison to other market structures? 2.4 Explain how the immobility of factors of production can cause market failure. (4 x 2) 2.5 Explain how SASOL can compete in an oligopolistic market with other petrol-selling companies in South Africa. (4 x 2)