(a) Define:
(i) elasticity of demand; [2 marks]
(ii) price elasticity of demand. [2 marks]

(b) State any four determinants price elasticity of demand. [12 marks]

(c) Draw curves illustrating
(i) fairly elastic demand; [2 marks]
(ii) perfectly inelastic demand. [2 marks] 

(a) Define market in economics. [2 marks]

(b) State any three features of a monopoly. [9 marks]

(c) Outline any ee sources of monopoly power. [9 marks]

(a) With the aid of a diagram, explain a minimum price. [5 marks]

(b) State any five measures by which a minimum price for an agricultural produce can be made effective. [15 marks]

(a) What is a supply schedule? [2 marks]

(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules. [12 marks]

(c) State three examples of exceptional demand. [6 marks] 

Distinguish between the following:

(a) wants and effective demand; [5 marks]

(b) demand schedule and demand e; [5 marks]

(c) individual demand and market demand, [5 marks]

(d) change in demand and change in quantity demanded. [5 marks]