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problem1. As an advisor to government as well as that to a firm how will you make use of your knowledge on price elasticity of demand, cross price elasticity and income elasticity?

problem2. Deadweight losses are associated only in case of monopoly. describe.

problem3. Distinguish among the numerous kinds of barriers which can exist under imperfect market structures.

problem4. Oligopoly is always typified by price stickyness, irrespective of whether it is a cooperative or competing one. describe.

problem5. A country must always protect its domestic industries. Describe.

problem6. To what extent can a country actually rely on principle of Comparative Advantage before engaging in international trade?

problem7.  “The trade-off between unemployment and inflation arise because of adaptive expectations.” Comment on this statement.

problem8. The best way to deal with price rises is to raise income tax and diminish the purchasing power of individuals. Illustrate.

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