Question

21.A part- Differentiate between Normal good and inferior good.(3) B part- Explain three features of perfectly competitive market.(3) C part- Differentiate between extension of supply and increase in supply.(3) D part- Explain why two IC’s can never intersect each other?(3)​

Answer 1

Answer:

21.A "normal good" is a good where, when an individual's income rises, they buy more of that good. An "inferior good" is a good where, when the individual's income rises they buy less of that good.

3)A perfectly competitive market is characterized by many buyers and sellers, undifferentiated products, no transaction costs, no barriers to entry and exit, and perfect information about the price of a good. ... It should shut down if its price is below its average variable cost.

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Answer 2

Answer:

$answer = > \: A "normal good" is a good where, when an individual's income rises, they buy more of that good. An "inferior good" is a good where, when the individual's income rises they buy less of that good.}$

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