1. The characteristics of the dry cargo bulk freight market have caused some economists to conclude that it demonstrates many of the characteristics of the perfectly competitive market.
   1. (a) Explain the term 'dry cargo bulk freight'.
   2. (b) State the assumptions held for markets operating under conditions of perfect competition.
   3. (c) Discuss the assumptions identified in (b) above as applied to the tramp market of dry bulk trade. Use industry examples.
2. What factors determine the price elasticity of demand for maritime service? Provide examples to illustrate your answer.

Answer rating: 100% (QA)

a Dry cargo bulk freight refers to the transportation of unpackaged and loose commodities in large quantities It involves the shipment of goods such as coal iron ore grain and other raw materials or c... View the full answer