Monopolistic competition Oligopoly The labour market Welfare economic Introduction to Macro-economic and the goods market In a country called Cocoland, the market for chocolate is
Monopolistic competition Oligopoly The labour market Welfare economic Introduction to Macro-economic and the goods market In a country called Cocoland, the market for chocolate is regarded as perfectly competitive. In addition, consumers Cocoland perceive chocolate and ice cream as perfect substitutes. (a) Using diagram(s), illustrate the initial long run equilibrium of a firm producing chocolate. (this is 3 marks so) (b) The supply of ice cream has expanded recently due to the adoption of better technology by ice cream makers. Explain, using diagrams, how does this affect the market for chocolate and its producers in the short run and long run. (this is 7 marks so)
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