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Briefly explain how firms compete/set price under -
a. Perfect competition
b. Oligopoly
In recent years, the price of oil has fallen drastically. Explain if this is a result of:
a. A drastic reduction in the cost of production (i.e. shift in the supply curve)?
b. A fall in the demand for oil and oil products ( i.e. shift in the demand curve?
c. Other factors ?(Hint: Search through the material on oil pricing in the global market)
QUESTION 1
How does the macroeconomic environment affect the firm's decision making? Explain briefly the important variables influencing business activities.
QUESTION 2
What are the main components of Aggregate Demand? Which components are more volatile than others? Explain.
QUESTION 3
What determines the foreign exchange rate? Discuss critical factors which may have caused the recent depreciation of the Malaysian Ringgit.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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