(6 marks) (i) Discuss what you understand by monopoly and its sources in your country (ii)...

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(6 marks) (i) Discuss what you understand by monopoly and its sources in your country (ii) Using well-illustrated diagrams, show that a perfect competitive firm will make supernormal profit, normal profit and losses in the short-run even when MC - MR. Question Six (9 marks) a) Differentiate between economies of scale and returns to scale b) What are factors of production? (4 marks) (5 marks) c) Explain the meaning of mobility of factors of production. To what extent are factors of Production mobile. (6 marks) (6 marks) (i) Discuss what you understand by monopoly and its sources in your country (ii) Using well-illustrated diagrams, show that a perfect competitive firm will make supernormal profit, normal profit and losses in the short-run even when MC - MR. Question Six (9 marks) a) Differentiate between economies of scale and returns to scale b) What are factors of production? (4 marks) (5 marks) c) Explain the meaning of mobility of factors of production. To what extent are factors of Production mobile. (6 marks)