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Question 15 Not yet answered Marked out of 10 V Flag question PART II. ESSAY. (10 Marks) Direction: Answer ALL questions. (10 Marks) Time left

Question 15 Not yet answered Marked out of 10 \\V Flag question PART II. ESSAY. (10 Marks) Direction: Answer ALL questions. (10 Marks) Time left 1:56:33 1.Using diagrams to support your answer, explain how a company which is the only supplier of a product in an industry sets output so that it might maximises profits. Why is the price elasticity of demand important here? Can such a firm earn supernormal / abnormal profits even in the long run? (10 marks) 1 A

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