Topic: Firms and Industry
Learning Objectives – At the end of the lesson, the students should be able to:
1 Define an industry. (SSCE 2019 Q12a)
2 State two features each of: (i) perfect competition; (ii) monopolistic competition. (SSCE 2017 Q5a)
3 Explain what it means for a firm to be a: (i) price taker; (ii) price maker. (SSCE 2017 Q5b)
4 Explain the following sources of monopoly power: (i) acts of parliament; (ii) copyright; (iii) natural monopoly; (iv) cartel. (SSCE 2017 Q5c)
Learn so well from SS1 Economics 1st Term Online Classes.
5 Identify who is a discriminating monopolist. (SSCE 2016 Q7a)
6 Explain any four conditions necessary for a monopolist to practice price discrimination. (SSCE 2016 Q7b)
7 Explain any two benefits enjoyed by a discriminating monopolist. (SSCE 2016 Q7c)
8 Define infant industries. (SSCE 2015 Q5a)
9 State any four reasons for protecting infant industries. (SSCE 2015 Q5b)
10 Outline any three ways by which industries can be financed in West Africa. (SSCE 2015 Q5c)
11 Highlight any four differences between public limited liability company and a private limited liability company. (SSCE 2014 Q5a)
12 Explain any four advantages of a limited liability company. (SSCE 2014 Q5b)
13 Define the profit of a firm. (SSCE 2008 Q9a)
14 Explain the following revenue and cost concepts, using appropriate formula: (i) total revenue (TR); (ii) average revenue (AR); (iii) marginal revenue (MR); (iv) average fixed (SSCE 2008 Q9b)
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