Exam Year:2010

Instructions

Answer all questions
Total marks 30

1. a) Define the supply ( 2 Marks)
b) Explain the 4 factors determining elasticity of supply (8 Marks)

2. a) Describe 3 factors determining the extend of a market. (6 Marks)
b) State any 4 functions of a market (4 Marks)

3.a) State any 4 conditions/characteristics of perfect competition. (4 Marks)
b) Explain any 3 characteristics of monopoly (6 Marks)