Question 1:
Illustrate out the meaning of a perfectly competitive market and in brief describe the main situation essential for a perfect market to exist.
Question 2:
How can Public Sector buyers accomplish their objective of value for money when buying in perfectly competitive market?
Question 3:
Illustrate out the possible disadvantages and advantages of a functional structure for a private sector organization. Demonstrate your answer.
Question 4:
Illustrate out the meaning of demand and supply in a market system. Illustrate each concept by means of a graph.
Question 5:
What effect can a substitute product for a normal good have on the demand curve of the good? Demonstrate your answer graphically.
Question 6:
Illustrate out what is meant by price elasticity of demand?