a) Explain the following fundamental concepts: i) Scarcity and Choice(2 Marks) ii) Opportunity cost(2 Marks) iii) Positive
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Question:
a) Explain the following fundamental concepts:
i) Scarcity and Choice(2 Marks)
ii) Opportunity cost(2 Marks)
iii) Positive and Normative economics(2 Marks)
iv) Explain why is the consumer said to be sovereign?(2 Marks)
b) Describe FOUR factors that limit consumer sovereignty?(4 Marks)
c) State and briefly explain FOUR main factors that may cause a fall in the supply of a good in the market.(4 Marks)
Related Book For
Niebels Methods, Standards and Work Design
ISBN: 978-0073376318
13th edition
Authors: Andris Freivalds, Benjamin Niebel
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