QUESTION 22 Briefly comment on the following statement The first law of economics is scarcity, and the first law of politics is to disregard the first law of economics QUESTION 23 Define the major market structures in the economy and briefly describe their major differences

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QUESTION 22 Briefly comment on the following statement: The first law of economics is scarcity, and the first law of politics is to disregard the

QUESTION 22

Briefly comment on the following statement: "The first law of economics is scarcity, and the first law of politics is to disregard the first law of economics".

QUESTION 23

Define the major market structures in the economy and briefly describe their major differences.

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