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)

Answer rating: 100% (QA)

The detailed answer for the above question is provided below a i Sc arcity and Choice Sc arcity is the concept that there are limited resources availa... View the full answer