Q1. The lovers of classical music persuade government to oblige a price ceiling of Rs. 40 per concert ticket. As an outcome of this policy, do more or some people attend classical music concert?
Q2. Is price elasticity of supply generally bigger in the short run or in the long run? describe why?
Q3. Describe the concept of opportunity cost.
Q4. The increase in demand for flats leads to an increase in rent however a rise in rent decreases the demand for flats. Is there a paradox?
Q5. Under what case will a firm under perfect competitions shut down for the interim? Describe.
Q6. Describe why a monopolist will never generate a quantity at which the demand curve is inelastic.
Q7. describe how is monopolistic competition similar to monopoly? Describe how is it similar to the perfect competition?
Q8. Define the term dis-economics of scale and describe why they might occur.