Question: Question A3 a) Market structure has an important impact on an industry and the firms within it. Choose THREE (3) forms of market structure, compare

Question A3 a) Market structure has an important impact on an industry and the firms within it. Choose THREE (3) forms of market structure, compare and contrast these market structures with suitable examples to the characteristics which define them. b) Economics is primarily concerned with the allocation of scare resources which have alternative uses. Use a production possibility curve to help you explain this statement and to discuss economic efficiency. .. mains Question A4 You are given the following short-run information for an individual firm. Labor (L) is the only variable input. The price of labor is RM 200/week. Fixed costs are RM 100/week. Complete the rest of the table. Labor Total (L) product (Q) MP TVC TFC TC MC 20 2 55 100 150 200 230 FORMULA: TC =TFC + TVC 250 MC = ATC / AQ 263 270 10 275

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