Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
Definition, drawing and interpretation of appropriate diagrams. A supply curve to be drawn and used to illustrate movements along a supply curve with appropriate terminology, for example extensions and contractions in supply. The link between individual and market supply in terms of aggregation. The causes of shifts in a supply curve with appropriate terminology, for example increase and decrease in supply.
Demand and supply diagrams to be used to illustrate these changes in market conditions and their consequences for equilibrium price and sales.