(a) Explain the term internal economies of scale. [4 marks] 
(b) Outline any four economies of scale a firm enjoys as it grows in size. [16marks] 

(a) What is supply? [5 marks]
(b) Describe any five determinants of supply. [15marks] 

(a) Define the term limited liability [4 marks]
(b) Explain any four problems of statutory public corporations in your country [16 marks] 

 Give four reasons why the governments of West African countries have found the policy of privatization attractive. [20 marks] 

(a) What is a market? [4 marks]
(b) Explain the main features of a perfectly competitive market. [16 marks]