ECS1501 May/Jun 2015 exam paper — questions

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  1. Question 1 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider five statements about needs, wants and scarcity: (a) wants are absolutely unlimited and can be defined as desires for goods and services; (b) needs are limited and can be defined as life essentials; (c) scarcity is the same as poverty and inequality; (d) time can be regarded as a scarce resource; (e) needs and wants are the same and only the poor are affected by scarcity. Decide which combination of these statements is correct.Show the full question

  2. Question 2 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A diagram shows a production possibility frontier for good X (horizontal axis) and good Y (vertical axis). Two curves are drawn: an inner frontier through points B and A on the Y-axis curving down to C on the X-axis, and an outer frontier BC. Points D and E lie on the inner frontier AC (with D closer to A and E closer to C), while point F lies inside the frontier, below and to the left of E. Regarding production possibility frontier AC, choose the correct interpretation of these points.Show the full question

  3. Question 3 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same production possibility frontier diagram (with inner frontier AC and outer frontier BC), identify what could cause the frontier to shift outward from AC to BC.Show the full question

  4. Question 4 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify the three essential coordinating mechanisms that are used to solve the central economic questions.Show the full question

  5. Question 5 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine what microeconomics, as a branch of economics, actually studies.Show the full question

  6. Question 6 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify which one of the following four statements is a positive (rather than normative) statement.Show the full question

  7. Question 7 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Explain why the basic economic questions of what to produce and for whom to produce are essentially interdependent.Show the full question

  8. Question 8 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. In economics, determine what the 'how' or input question refers to.Show the full question

  9. Question 9 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. In a command economy, identify how resource allocation is brought about.Show the full question

  10. Question 10 · Participants and the circular flow of income · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify which one of the following four statements about the economy is incorrect.Show the full question

  11. Question 11 · Participants and the circular flow of income · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Complete the statement: capital is a ___ variable while investment is a ___ variable. This implies that capital has ___ and it can only be measured ___, while investment has a ___ and is measured ___. Select the option that correctly fills all six blanks in order.Show the full question

  12. Question 12 · What economics is about: scarcity, choice and the economic problem · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify the four main factors of production.Show the full question

  13. Question 13 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Given that milk is a normal good, determine what will definitely happen to the demand for milk if consumers' income decreases.Show the full question

  14. Question 14 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. If the price of domestic airline tickets increases, and all other factors remain unchanged (ceteris paribus), determine the effect on the demand for car rentals, a good related to air travel.Show the full question

  15. Question 15 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify which one of the following four statements about demand and supply is correct.Show the full question

  16. Question 16 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify which one of the following will NOT cause a change in the demand for coffee.Show the full question

  17. Question 17 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. If farmers decide to plant more cabbage next year, and all else remains equal (ceteris paribus), determine the effect on the relevant supply/demand curves.Show the full question

  18. Question 18 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A diagram shows the market for hamburgers, with a downward-sloping demand curve D and an upward-sloping supply curve S. The curves intersect at a price of R40 and a quantity of 130 hamburgers. At a price of R35, the demand curve indicates a quantity of 180 hamburgers while the supply curve indicates a quantity of 100 hamburgers. If the price of hamburgers is fixed at R35 per burger, determine the resulting market condition.Show the full question

  19. Question 19 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Suppose the supply and demand curves for a good are given by Qs = 1 + P and Qd = 2 - P, with equilibrium occurring where Qs = Qd. Determine the equilibrium price level.Show the full question

  20. Question 20 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same supply and demand curves, Qs = 1 + P and Qd = 2 - P, with equilibrium where Qs = Qd, determine the equilibrium quantity supplied.Show the full question

  21. Question 21 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine how an increase in supply is represented graphically.Show the full question

  22. Question 22 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Four labelled diagrams (A, B, C and D) each show a demand curve D0 shifting to D1 (or a supply curve shifting) relative to an unchanging supply or demand curve, with corresponding price and quantity changes shown as P0/P1 and Q0/Q1. In diagram A, demand shifts right (D0 to D1) causing price and quantity to rise from P0,Q0 to P1,Q1. In diagram B, demand shifts left (D0 to D1) causing price and quantity to fall. In diagram C, supply shifts right (S0 to S1) causing price to fall and quantity to rise. In diagram D, supply shifts left (S0 to S1) causing price to rise and quantity to fall. Becky considers iced tea to be an inferior good. Determine which figure correctly illustrates the effect of a decrease in Becky's income on her demand for iced tea.Show the full question

  23. Question 23 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A diagram represents the market for hamburgers with two demand curves (D1 and D2) and two supply curves (S1 and S2), where D2 lies to the right of D1 and S2 lies to the right of S1. If the price of meat patties used in the burgers rises, and at the same time people become health conscious regarding the potential risks of heart-related diseases from eating hamburgers, determine which combination of curve shifts results.Show the full question

  24. Question 24 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine the effect of a decrease in demand, with no change in supply, on the market.Show the full question

  25. Question 25 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. If there is an increase in income, determine what one would expect to happen in the relevant market.Show the full question

  26. Question 26 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which of the following would shift the supply curve for soft drinks to the left.Show the full question

  27. Question 27 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine the result of an increase in demand coupled with a decrease in supply, in terms of price and quantity effects.Show the full question

  28. Question 28 · Demand, supply and market equilibrium · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Suppose the demand and supply of grapes both increase, but the increase in demand is major while the increase in supply is minor. Given this scenario, determine the resulting effect on price and quantity.Show the full question

  29. Question 29 · Price and income elasticity · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Thabo spends R12 in the mornings on bus fare travelling from his house in Brooklyn to the Unisa library. In the afternoons, this same trip costs R11,50. The fact that the bus fare is more expensive during rush hour and less expensive during the afternoon implies something about the price elasticity of demand for the bus ride at each time. Determine what this implies about the demand for the bus ride in the morning compared with the afternoon.Show the full question

  30. Question 30 · Price and income elasticity · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. There is a proposal from Eskom to increase the electricity tariff during 2015 in order to increase revenue and aid operations. Determine the elasticity condition for the demand for electricity that would make this proposal possible.Show the full question

  31. Question 31 · Price and income elasticity · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Given the water shortages observed in Gauteng in 2014, the South African government wants to reduce water consumption by 5 per cent. The price elasticity for water is 0,4. Determine what the government should do to achieve this reduction.Show the full question

  32. Question 32 · Price and income elasticity · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. If the price elasticity of demand for foot massagers is 0,5, determine the effect of a 10 per cent increase in price on the quantity demanded.Show the full question

  33. Question 33 · Consumer behaviour and utility · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine what economists understand utility from consuming a good to mean.Show the full question

  34. Question 34 · Consumer behaviour and utility · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. If marginal utility is positive with increasing consumption of a certain product, determine what will happen to total utility.Show the full question

  35. Question 35 · Consumer behaviour and utility · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider three statements: (a) an increase in the consumption of a good will always increase both the total utility and marginal utility; (b) an increase in the consumption of a good will usually decrease the marginal utility and increase the total utility; (c) when the marginal utility becomes negative, the total utility will decrease. Determine which combination of these statements is/are correct.Show the full question

  36. Question 36 · Consumer behaviour and utility · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A table shows Maria Botha's total utility (TU) and marginal utility (MU) from consuming bananas and apples. For bananas: at 1 unit, TU=24, MU=24; at 2 units, TU=40, MU=16; at 3 units, TU=52, MU=12; at 4 units, TU=58, MU=6; at 5 units, TU=62, MU=4. For apples: at 1 unit, TU=16, MU=16; at 2 units, TU=29, MU=13; at 3 units, TU=41, MU=12; at 4 units, TU=49, MU=8; at 5 units, TU=54, MU=5. The price of bananas is R2 per unit and the price of apples is R1 per unit. Maria has R8 available to spend. If Maria Botha spends her total income of R8, determine which statement about her consumer equilibrium is correct.Show the full question

  37. Question 37 · Consumer behaviour and utility · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same table of Maria Botha's total utility (TU) and marginal utility (MU) for bananas (price R2 per unit) and apples (price R1 per unit), with Maria having R8 to spend, consider three statements: (a) weighted marginal utility of bananas is determined when the marginal utility per banana is divided by the price of bananas; (b) at a combination of 5 bananas and 5 apples, Maria cannot be in equilibrium because she needs R15 to buy this combination; (c) at equilibrium the total utility of Maria is 93 utils. Determine which combination of these statements is/are correct.Show the full question

  38. Question 38 · Consumer behaviour and utility · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A table represents a consumer's equilibrium position across four goods: good A has a price of R12 and a weighted marginal utility of 4; good B has a price of R8 and a weighted marginal utility of 4; good C has a price of R10 and a weighted marginal utility of 4; good D has a price of R6 and a weighted marginal utility of 4. Determine which one of the following statements is correct.Show the full question

  39. Question 39 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine what a firm's total revenue is equal to.Show the full question

  40. Question 40 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A table is to be completed showing output (units 1 to 6), total revenue (R), average revenue (R) and marginal revenue (R). The given data points are: at output 1, total revenue = R10; at output 2, average revenue = R15; at output 3, marginal revenue = R6; at output 4, average revenue = R10; at output 5, total revenue = R42,5; at output 6, marginal revenue = R2,5. All other cells must be calculated from these figures. Based on the completed table, determine the total revenue of six units.Show the full question

  41. Question 41 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same output/revenue table (output 1: TR=R10; output 2: AR=R15; output 3: MR=R6; output 4: AR=R10; output 5: TR=R42,5; output 6: MR=R2,5), determine the average revenue of three units.Show the full question

  42. Question 42 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same output/revenue table (output 1: TR=R10; output 2: AR=R15; output 3: MR=R6; output 4: AR=R10; output 5: TR=R42,5; output 6: MR=R2,5), determine the marginal revenue of five units.Show the full question

  43. Question 43 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements about production and cost concepts is correct.Show the full question

  44. Question 44 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements about the law of diminishing returns is correct.Show the full question

  45. Question 45 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A figure plots marginal product and average product curves against inputs of labour, with the marginal product curve peaking earlier (at Q1) than the average product curve, and the two curves intersecting at Q2, with the marginal product curve becoming negative at Q3. In this figure, variable inputs of labour are being added to a constant amount of property resources. Determine at what level of labour hiring marginal cost will be at a minimum for this firm.Show the full question

  46. Question 46 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine the typical shape/behaviour of the average variable cost curve as output changes.Show the full question

  47. Question 47 · Production and the costs of the firm · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine how the average fixed cost behaves as output changes.Show the full question

  48. Question 48 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine the shape of the demand curve for the product faced by the individual firm under perfect competition.Show the full question

  49. Question 49 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which condition must exist for perfect competition to exist in a market.Show the full question

  50. Question 50 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements is correct under conditions of perfect competition.Show the full question

  51. Question 51 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements about profit maximisation under perfect competition is correct.Show the full question

  52. Question 52 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Under perfect competition, determine which part of the firm's cost curves represents the firm's supply curve.Show the full question

  53. Question 53 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine what normal profit implies about a firm's costs and revenues.Show the full question

  54. Question 54 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A diagram shows the price, marginal cost (MC), average cost (AC) and average variable cost (AVC) curves facing a perfectly competitive firm in the short run. The horizontal price line is drawn at R20. The AVC curve reaches its minimum of R8 at an output of 60 units per day. The MC curve intersects the AVC curve at R8 and output 60, intersects the AC curve at R12 and output 80, and intersects the price line at R20 and output 100. Determine where the firm will maximise profit in the short run.Show the full question

  55. Question 55 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same diagram (price R20; AVC minimum R8 at 60 units; MC=AC=R12 at 80 units; MC=Price=R20 at 100 units), determine the total revenue of the profit-maximising firm in the short run.Show the full question

  56. Question 56 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same diagram (price R20; AVC minimum R8 at 60 units; MC=AC=R12 at 80 units; MC=Price=R20 at 100 units), determine the firm's profit-maximising output in the short run.Show the full question

  57. Question 57 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Under perfect competition, determine the condition under which the industry will be in equilibrium in the long run.Show the full question

  58. Question 58 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider three statements about monopoly: (a) the demand curve for its product is the same as the market demand curve for the product of the industry; (b) the firm faces a perfectly elastic demand curve; (c) the monopolistic firm can continue to earn economic profits in the long run, as long as the demand for its product remains intact. Determine which combination of these statements is/are correct.Show the full question

  59. Question 59 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which of the following is NOT an important feature of monopolistic competition.Show the full question

  60. Question 60 · Market structures: perfect competition to monopoly · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine under which market structure collusion is possible.Show the full question

  61. Question 61 · Government intervention: price controls, taxes and subsidies · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider three statements about the effect of fixing a maximum price below the equilibrium price: (a) it can lead to black market activities; (b) it creates shortages; (c) excess demand and excess supply exist. Determine which combination of these statements is/are correct.Show the full question

  62. Question 62 · Government intervention: price controls, taxes and subsidies · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider three statements about where a minimum price must be set for it to be effective in the market: (a) below the equilibrium price; (b) above the equilibrium price; (c) either above or below equilibrium price. Determine which of these is/are correct.Show the full question

  63. Question 63 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements about wages and productivity is true.Show the full question

  64. Question 64 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which of the following will NOT shift the market supply of labour.Show the full question

  65. Question 65 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine what a change in wages causes in the labour market.Show the full question

  66. Question 66 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A diagram shows wage (W) on the vertical axis and number of workers (N) on the horizontal axis, with a downward-sloping labour demand curve DL and an upward-sloping labour supply curve SL, intersecting at some equilibrium wage. A minimum wage, Wm, is shown as a dashed horizontal line above the equilibrium wage, intersecting the supply curve SL at a lower quantity and the demand curve DL further to the left. Determine which one of the following statements about this diagram is false.Show the full question

  67. Question 67 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine why the demand curve for labour slopes downwards.Show the full question

  68. Question 68 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements about the labour market is incorrect.Show the full question

  69. Question 69 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following is NOT a requirement for perfect competition in the labour market.Show the full question

  70. Question 70 · The labour market and wages · 1.4286 marks

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements about a perfectly competitive labour market is incorrect.Show the full question

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