- 20 Marks
EIB – APR 2023 – L1 – Q3 – Factors of Production, Costs, and Market Structures
Identifies factors of production, fixed capital items, meaning of U-shaped marginal cost curve, market structures, features of free competition, and factors determining firm total cost.
Question
ai) Name the main factors of production. (2 marks)
aii) Name any four fixed capital items. (2 marks)
b) What does the U-shaped curve of the marginal cost (MC) indicate? (4 marks)
c) Name the main distinct market structures. (4 marks)
d) Mention two features of free competition. (4 marks)
e) Name any two factors that determine the total cost of any firm (4 marks)
(Total marks:20)
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