Q. (a) What is your understanding of “perfect competition”? (5 marks) (b) List out five (5) characteristics of a perfect competition. (15 marks) (20 marks)
Category: M2022-2 Economics
Economic measure by government to stimulate housing economy Q2
Q. (a) Name 5 challenges that the built environment faces in today’s uncertain economy. (10 marks) (b) In order for a developer to minimise the risk of overhang, what economic Read More …
Production possibility curve in housing development Q3
Q. (a) Explain the concept of production possibility curve and illustrate your answer with a diagram. (10 marks) (b) How do you apply the concept of (a) above in the Read More …
Kinked demand curve in housing development Q4
Q. (a) What is the ‘kinked’ demand curve in oligopoly? (10 marks) (b) How do you apply this concept of ‘kinked demand’ in housing development where you live? (20 Read More …
Inflation and its effect on housing developers Q5
Q. (a) Explain what inflation is and measures that could be taken to solve its problem. (10 marks) (b) Rising cost of construction has taken a toll on developers. Discuss Read More …
Market structure of monopoly and its equilibrium position Q6
Q. Monopoly is defined as being the sole seller of a product without any close substitute. Define market structure of a monopoly and illustrate the equilibrium position in a short-run Read More …