Microeconomics ECON101
Microeconomics ECON101
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Explain the effects of low price-guarantee on the price. (1.5 Marks)
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Give reasons, when average cost increases as the total output increases for an increasing cost industry. (1.5 Marks)
Figure shows the market for a successful price-fixing arrangement (cartel) between two identical firms. When the two firms act like one and charge the same price (2 Marks)
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What will be the market price?
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How much each firm will produce and sell quantity?
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