1.1.2 Which one of the following is a perfect competitor? (2)

  INSTRUCTIONS: 1. Always write in full sentences unless otherwise advised. 2. Use economic terminology at all times. 3. Answer FOUR questions as follows: Section A: Compulsory Section B: Answer ALL questions. Section C: Answer only ONE of the two questions. 4. Section A is to be answered in this quiz. Section B and Section C is to be answered on paper and uploaded into the separate quiz. 5. Number the questions as they are numbered in the question paper. 6. Read ALL your questions thoroughly before answering. 7. Non-programmable calculators may be used. 8. Please only write with a BLUE pen.

1.1.4 In the long-run …. (2)  

1.1.5 If the demand for cell phones increase, then …. (2)

2.4 The green coating formation on copper is _______. (1)

1.1.7 Along a perfectly vertical supply curve, the price elasticity of supply is …. (2)

    QUESTION 4 MARKETS     Introduction (2) Body   Explain the difference between perfect markets and imperfect markets. (26) Also explain how price formation works in each market by using graphs. (10) Conclusion (2) [40]   OR       QUESTION 5 PRICE ELASTICITY     Introduction (2) Body   Explain the difference between elastic demand and inelastic demand, as well as the difference between elastic supply and inelastic supply. (26) Draw the five degrees of PES with all the necessary descriptions. (10) Conclusion (2) [40]

1.3.3 When firms cooperate to limit competition by fixing prices. (1)

Which answer(s) are correctly matched with the animal in the image below?    

Answer the following question in the text box provided. 5.2 Give a reason why plants depend on bees. (1)