problem 1: Illustrate the meaning of oligopoly.

problem 2: Describe the inverse relationship between the price of a commodity and its demand.

problem 3: Illustrate the ‘law of supply’. What do you meant by the term assumption other things remaining similar on which the law is based?

problem 4: The price elasticity of supply of good X is half the price elasticity of supply of Good Y. A 10 percent increase in the price of good Y outcomes in a rise in its supply from 400 units to 520 units. Compute the percentage change in quantity supplied of good X when its price drops from Rs 10 to Rs 8 per unit.

problem 5: State the difference between explicit cost and implicit cost. Give an illustration of each.

problem 6: Describe the implication of product differentiation feature of the monopolistic competition.

problem 7: Describe the implication of the homogenous product feature of the perfect competition.

problem 8: Describe the effect of an increase in the prices of related goods on the demand for a good X.