QUtSIION IHRI:I: [25] 3.1 Explain the three possible profit maximizing positions of perfectly competitive firms in the short-run. (15) 3.2 Describe the nature of the goods produced by a monopolistically competitive firm. (10) QUESTION FOUR [20] 4.1 Distinguish between the short-run aggregate supply curve and the long-run aggregate supply curve. (14) 4.2 Discuss one (1) reason for the downward sloping aggregate demand curve. (6)