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)   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)

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)

Which of the following are typical manifestations of Right – sided Heart Failure. (Select all that apply)

A common function of stems, but not roots, is

1.3.1 The change in total revenue when an additional unit of a product is sold. (1)

1.3.4 The direct relationship between quantity supplied and price. (1)

Column A Column B 1.2.1 Inferior goods A IED is positive. 1.2.2 Variable cost B Used to determine the optimum output level. 1.2.3 MR = MC C IED is negative. 1.2.4 Normal goods D CED is positive. 1.2.5 AR E PED = 1. 1.2.6 Substitutes F The demand curve. 1.2.7 Marginal cost G Rises with an increase in production. 1.2.8 Complements H TR + Q.     I CED is negative.     J Intersects the minimum point of AC. (8)