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Instruction: Complete ALL questions. Question 1 A. Describe FOUR (4) basic features of perfect competition. (8 marks) B. Use an example to explain what is

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Instruction: Complete ALL questions. Question 1 A. Describe FOUR (4) basic features of perfect competition. (8 marks) B. Use an example to explain what is meant by price discrimination. (4 marks) C. Briefly describe THREE (3) barriers to entry in a monopoly. (3 marks) D. With the aid of diagrams, explain what it means for a firm to be a price taker. (5 marks) (Total 20 marks)

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