Outline the assumptions underlying the theory of Perfect Competition.(20 marks) (b)(i)Explain, with the aid of a labelled diagram, how a firm in Perfect Competition achieves equilibrium in the short run.(ii)Derive and explainthe short run supply curve of this firm.(20 marks) (c)Discuss, with the aid of labelled diagrams, the impact which the entry of new firms would have ontheshortrunequilibriumofexistingfirms,inperfectlycompetitivemarkets,earningsuper-normalprofits.(20marks)(d) Firms in Perfect Competition tend not to engage in advertising.State and explain TWO reasons why.(15 marks) [75marks] 2.(a) (i) Draw a short-run average cost curve and a short-run marginal cost curve. (ii)Explain the relationships between the shapes of these curves.(20 marks) (b)Itisgenerallyagreedthatthelong-runaveragecostcurveinitiallyslopesdownwardduetoeconomies of scale and then slopes upward due to dis-economies of scale.These economies and dis-economies can be both internal and external. (i)Define the underlined terms. (ii)Distinguish between internal and external economies of scale, giving TWO examples in each case and explaining how each arises. (30 marks) (c)Discussthepossiblesocialcostsandsocialbenefitsofthenewroadsbeingconstructedthroughout Ireland.

Page 6 of7 5.(a)(i)Explain how it is possible for banks to create credit. (ii)State and explain THREE limitations on the amount of credit which banks can create.(30 marks) (b)Explain how an increase in the use of 'plastic money' (credit cards, etc.) by customers affects the ability of banks to create credit.(15 marks) (c)The main objective of the European Central Bank's monetary policy is to control inflation. (i) Explain the underlined terms. (ii) The ECB reduced interest rates in 2001.Discuss the effects of this reduction in interest rates on the Irish economy.(30 marks) [75 marks]6.(a)(i)State the Law of Comparative Advantage. (ii)State and explain the assumptions underlying this law.(30 marks) (b) The table below illustrates the Law of Comparative Advantage. Country Commodity(Hourly Production per Person)FoodMachineryCountry X 5 tonnes 10 units Country Y 20 tonnes 30 units Total Output 25 tonnes 40 units (i)Use the above example to show how both countries could benefit frominternational trade. (ii) Calculate the terms of trade for both commodities.(20 marks) (c)Ireland, as a small open economy, relies on international trade.Discuss the factors which affect the competitiveness of Irish-based firms in international trade.

Isaac Newton's theory of light, geometric optics, is a wave theory or a particle theory of light? (circle correct answer). In geometric optics, what is the straightsljne path of a light particle called? Another name for the \"geometric optics" theory of light is Lenses make images. What is an "image?\" What is the difference between a real image and a virtual image? is the process of creating new things, such as fax machines, toothpaste, and DVDs. Select one: O a. Innovation O b. Cultural integration C. Diffusion O d. Invention O e. Serendipity Question 45 Not yet answered Points out of 1.00 P Flag question A number of words in English reinforce negative images about gender. This is an example of Select one: O a, conflict theory O b. functionalist theory O C. symbolic interaction theory O d. cultural theory O e, innovation theory A 19Questions 25:34 refer to the picture [ms on the right. A stamp is placed to the le: of the lens, and its image is formed on a screen to the right of the a lens, as shown. Screen Stamp Choose the correct 613,5. answer for each '9'? Dig. question. Twp 25. Suppose the stamp is temporarily replaced {only for this question) with one twice as large. Which is true? A. The image will be whole but half as large, B. The image will disappear, C. The image will he ditumer, D. Only half of the image will he seen, E. The image will be twice as large, F. The image will he unchanged, G. None of these is correct. 26. Suppose the lens is temporarily replaced {only for this question] by a lens with half the diameter but with the same focal length. Which is true? A... Half of the image will disappear, B. The image will be whole but half as large, (3. The image will disappear, I]. The image will he dimmer, E. The image will he unchanged, F. None of these is correct. 2?. Suppose that the screen is temporarily moved lrther away {only for this question} with the positions of the stamp and lens unchanged. Which is true? A. The image will he hlurry, E. The image will be sharp but slightly larger, (1'. The image will be sharp but slightly smaller, I]. The image will he unchanged, E. The image will disappear, F. None of these is correct. QUESTION 3 (Part 2 of 2) Continued from the last problem, characterize the image formed by the biconvex lens. O The image is inverted, real and smaller. The image is inverted, virtual and larger. O The image is upright, real and larger. The image is inverted, virtual and smaller. The image is upright, virtual and larger. QUESTION 4lackboard.com/webapps/a Remaining Time: 1 hour, 15 minutes, 14 seconds. Question Completion Status: QUESTION 2 (Part 1 of 2) An object is placed 3.1 cm from a biconvex lens of focal length 18.2 cm, what is the magnification of the imager Answer as a unitless number and round to one decimal place. QUESTION 3 (Part 2 of 2) Continued from the last problem, characterize the image formed by the biconvex lens. The image is inverted, real and smaller. The image is inverted, virtual and larger. The Image is upright, real and larger. The image is inverted, virtual and smaller. The image is upright, virtual and larger. Chick Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answ 44 17 % A & 5 6 7 8 9 O m R T Y U O P