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Syllabus A5. Micro economic factors

Syllabus A5

Micro economic factors 5 / 10

a) Define the concept of demand and supply for goods and services.
b) Explain elasticity of demand and the impact of substitute and complementary goods.
c) Explain the economic behaviour of costs in the short and long term.
d) Define perfect, competition, oligopoly, monopolistic competition and monopoly.