Q1. When market equilibrium occurs, quantity demanded is equal to quantity supplied, which means that both sellers and buyers get what they want. Does a market reach market equilibrium on its own, or is it necessary to have some sort of regulator to manage the price and ensure there is equilibrium? Explain your answer carefully. (4Marks)
Q2. Many countries around the world have some sort of minimum wage law. Explain why the minimum wage may hurt workers as much as help them. Give some ideas as to how the government could help workers more effectively. (4Marks)
Q3. Why is it that when small firms get bigger (increase their scale), they frequently see their average total costs decrease? (4Marks)
Q4. How is it possible that a firm in a perfectly competitive market is able to sell all it wants without having to change the price? What does this tell us about the elasticity of demand faced by the firm? (4Marks)
Q5. When a firm sells an additional unit of the good it produces, it receives in exchange money worth the price of the good. Explain why, when a monopolist sells an extra unit, its marginal revenue is less than the price, while this is not true for a firm in a perfectly competitive market? (4Marks)
Learning Resource: Chapter 5,6 ,7 &8 of the Textbook O’Sullivan, A., Sheffrin, S. M., & Perez, S.J. (2014). Survey of Economics: Principles, Applications, and Tools. (6th). Upper Saddle River, NJ: Pearson Education. Print version: ISBN-10: 0-13-294885-0 or ISBN-13: 978-0-13-294885-2. Digital version: ISBN-13:978-0-13-13-9370-7.
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