1- briefly analyze the problems of market failure. how markets can work perfectly with equally in marginal social cost and marginal socials benefit? explain with graphical presentation.
2- what are the features of monopolistic competition.
3- what is perfect compitition? explain the price and output determination under perfect competition in the long run.
4- briefly explain the elasticity of demand? bring out the graphical representation on the 5 cases of elasticity of demand.
5- which are the various factors influencing the level of demand for a product? explain the relationship between price & demand .