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QUESTION NINE TO THIRTEEN [10] Answer whether the following statements are true or false. Each question carries two (2) marks. 9. 10. i 12. 13.

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QUESTION NINE TO THIRTEEN [10] Answer whether the following statements are true or false. Each question carries two (2) marks. 9. 10. i 12. 13. Excess supply results in a decrease in the price of the product; ceteris paribus. Average cost is obtained by dividing total cost by units of labour. The profit maximising rule according to marginal analysis is MR>MC. Firms purchase factors of production in the factor market according to the circular flow diagram. A free good is a good that is not scarce and therefore has no price

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