PRODUCT MARKETS

1. Explain five characteristic of a monopolistic market.

2. By use of a diagram, explain how price and output are determined in a collusive oligopoly

(centralized cartel) market situation

3.Highlight five differences between perfect competition and monopolistic competition

4.Using a well labeled diagram, explain how a monopolist enjoy a supernormal profit in

bothshort and long run

5. Highlight five distinctions between perfect competition and monopolistic firms

6.a) With the aid of a diagram, explain how a firm under monopolistic competition is at

equilibrium in the short run

b) With the aid of a diagram, explain the difference between perfect competition and monopoly

revenue curves

7Outline six limitations of a free market economy

8."a government might intervene in a free market economic system" discuss five reasons that might drive a government to intervene

9.Explain four disadvantages of a planned economy

10.Summarize four roles of economy agents in a mixed economy

11.Briefly explain five characteristics of a free market system

12.Outline six disadvantages of free market economy systems

13Identify four factors that could lead to market failure in an economy

14.Briefly explain the challenges encountered by planned economic system in their transition to market oriented economies