‘marginal revenue curves under perfect competion. OR Draw average revenue curve under ‘monopoly. OR Draw marginal revenue and average revenue curves under monopoly. OR State the relationship between average revenue and marginal revenue under perfect ‘competition, Define Law of Increasing Returns. OR Write assumptions of law of increasing returns. What is meant by long/short run period? Differentiate between short-run and long-run ‘marginal cost curves. What is monopoly? OR Why the siope of demand curve under monopoly is negative? OR ‘Make a diagram showing abnormal profit of a firm under monopoly. OR Write necessary and sufficient conditions f6r firm's eqUilibrium under monopoly. OR Draw AR and MR curves under monopoly. When 2 firm is in equilibrium. OR What is meant by market equilibrium? OR What is meant by equllbrium of an industry? OR State condition of equilibrium of a firm under perfect ‘competition in the short run. OR What is meant by equlibrium of industry under perfect ‘competition? OR Write conditions of firm's equilibrium under perfect competition. Define marginal productivity theory. OR Who presented the marginal productivity theory? OR Wiite the four assumptions of marginal productivity theory What is meant by marginal product? State the meaning of labour. OR What is meant by the efficiency of labor? OR Write four obstacles to mobility of labour. Slate four functions of entrepreneur Define gross national product What is meant by transfer payments? What is meant by Barter Systern? OR Write fur difclis of barter system Define token money What is trade cycle? OR Write names of phases of trade cycle. OR What is meant by Boom Phase of trade cycle? OR Describe any two characteristics of the phase of boom of a trade cycle, OR Write four characteristic of trade cycles, OR Describe Innovation theory of trade cycles, Define imports. Define Exchange Rate, What is meant by public finance? OR Define private finance. OR Write wo differences ‘between public finance and private finance. Describe the concept of Zakat. OR Write deservers of Zakat, What is meant by indirect tax and direct tax? OR What is meant by progressive tax? OR Fa