Problem
1. Identify and explain the main economic factors that affect the demand for a product, the supply of a product and the resulting product price Using this economic model for demand, supply and market equilibrium, analyse the demand, supply and price of wheat in world markets.
2. Critically explain and discuss the role of barriers to entry in oligopolistic markets. For oligopolistic industries such as supermarkets, critically explain why there is little incentive to change prices, using the kinked demand curve model.
3. Critically evaluate strategies for horizontal and vertical growth that a firm can pursue with particular focus on the rationale for pursuing such strategies, and the costs and benefits of adopting them Illustrate your answer using suitable examples.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.