$Q$

$(4$ Marks$)$

Refer to the graph above. You are taking a calculus course. The graph above shows the relationship between the time spent studying calculus $($input$)$ and knowledge of calculus $($output$).$ Based on the graph, you can see that.

a$.$ studying calculus is characterised by increasing marginal returns.

b$.$ studying calculus is characterised by diminishing marginal returns.

c$.$ studying calculus is characterised by constant marginal returns.

d$.$ the slope of the studying production curve is constant.

QUESTION $14$

$(4$ Marks$)$

Firms such as MTN$,$ Vodacom, Telkom mobile and Cell C offer differentiated products and can be classified as

a$.$ perfectly competitive firms.

b$.$ monopolistically competitive firms.

c$.$ oligopolists.

d$.$ Monopolists

QUESTION $15$

$(4$ Marks$)$

In the light of continued decreasing defence spending by President Cyril Ramaphosa's government, Armscor will intensify its commercialisation strategy by building on its top five product base. As a prospect firm wishing to penetrate this industry, what would you consider as barrier to entry?

a$.$ patents

b$.$ profit maximisation

c$.$ revenue maximisation

d$.$ elastic product demand