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Question 3
No individual consumer or producer can impact the equilibrium point in a perfectly competitive market. However
demand and supply depend on many different factors. Equilibrium is however affected by change in demand
and supply in any market. Elasticity may differ for different products.
(a)Define equilibrium. [2]
(b)How is concept of elasticity helpful to businesses in decision making? [4]
(c)Discuss the non-price factors on which the demand depends. [6]
(d)How is equilibrium achieved in an economy? [8]
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