QUESTION 4 MARKETS     Introduction (2) Bo…

    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)   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)