Explain and illustrate the concept of opportunity cost, Microeconomics

Question 1:

(a) Discuss the adjustment to an increase in demand for a perfectly competitive market in the:

(i) Short run
(ii) Long run

(b) How would the same industry change if it were organized first as a competitive industry then by a multi-plant monopolist?

Question 2:

(a) Define, explain and illustrate the concept of opportunity cost?

(b) "Consumers and producers pay equal amount of a per-unit tax." Discuss

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