Factors that Influence Demand and Supply in a Free Market

Factors that Influence Demand and Supply in a Free Market

Please answer the following questions: 

1. Discuss the factors which influence the demand and supply of any good or service.

50 Marks

2. Comment on the characteristics of perfect competition and monopoly. Which market structure is more efficient?  Justify your answer.

50 Marks

Instructions:

Please answer both questions, both questions carry equal marks.

Type your answers in double line spacing and start each question on a new page.

500 – 750 words per question.

Provide references with your answer.

https://bizfluent.com/info-8132502-factors-affect-supply-demand.html

https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/a/what-factors-change-supply

https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/a/what-factors-change-demand

http://www.economicsdiscussion.net/supply/8-factors-that-influence-the-supply-of-a-product/3369

https://www.thebalance.com/five-determinants-of-demand-with-examples-and-formula-3305706