Questions On Economics - Assessment 2

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QUESTION 3

  1. Define a price maker and explain why the demand curve of a monopoly is more inelastic than the demand curve of a monopolistic competitive firm.     2 Marks
  2. Define normal profit and explain why making normal profit is a requirement for any firm who wishes to remain in business in the long run. 2 Marks
  3. Why is a perfectly competitive market structure very unlikely to exist in the real world? 1 Mark
  4. Why does the share market closely reflects a perfectly competitive market?   1 Mark

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