(a) State two characteristics of monopolistic competition.

(b) With the aid of diagram(s), explain why a firm in monopolistic competition is unable to earn abnormal profits in the long run.

(c) Differentiate between natural monopoly and legal monopoly.

(a) Highlight the difference between creeping inflation and hyper inflation.

(b) List any four negative effects of inflation.

(c) Outline four ways in which the government of your country can control inflation. 

(a) What is perfect competition?

(b) With the aid of diagrams, compare the short run equilibrium positions of a perfect competitor and an imperfect competitor.

(c) State any two features of an imperfect market.

(a) Distinguish between cash ratio and special deposits.

(b) Explain how cash ratio and special deposits are used as instruments of monetary policy.

(c) Describe any two instruments of fiscal policy in West Africa. 

(a) Outline any four problems of barter economy.

(b) How has the introduction of money solved the problems outlined in 12(a) above?