Explain five methods of determining the price of a product other than price control (10 marks)5/12/2020 Methods of determining the price of a product other than price control
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Methods that the government may use to increase supply of goods in the market
Methods that the government may use to increase the supply of goods in the market include:
The equations given below relate to quantity demanded and quality supplied at the equilibrium point:27/11/2020
The equations given below relate to quantity demanded and quality supplied at the equilibrium point:
Determine the equilibrium price and quantity. (4 marks)
Factors that may have contributed to increase of soft drinks
Factors that may have contributed to increased demand for soft drinks include:
Other ways in which the price of a product may be set
Other methods of determining the price of a product apart from the forces of demand and supply include:
Circumstances under which firms would form a cartel
Circumstances under which firms would form a cartel include:
Determine the excess demand or excess supply from the combined demand and supply schedules of oranges given belowAnswerCharacteristics of free resource.
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