QUESTION 3: (Taken from various sources) HINT: This types of questions are applicable for 2.1.2, 3.1.2 and 4.1.2 3.1.1 How do monopolies affect consumers? 3.1.2 (1X2) Why are generic pharmaceuticals significantly cheaper than name brand one's economics? 3.1.3 Why the AR and MR curves are two different curves. (1X2) (1x2) 3.1.4 What determines the optimum production level in a monopoly mar- ket? 3.1.5 How does profit maximisation occur? (1x2) (1x2
