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ECS1500 Assignment 3 Semester 2 2020 Questions and Suggested Solutions
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ECS1500 Assignment 3 Semester 2 2020 Questions with Suggested Answers and page references.
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Economics 1500Department of Economics
Assignment 03 for Semester 02 (compulsory)
Unique Number 784584
Learning units 8 to 10
Weight for semester mark 30%
Number of questions 20
Recommended book: Mohr, P & Associates. 2015 (or other editions). Economics for South
African students. Pretoria: Van Schaik.
Please answer this assignment on the prescribed answer sheet on myUnisa or in hard copy.
Feedback on these questions will be provided on myUnisa under Additional Resources after
the final closing date.
For questions 3.1 to 3.5 you need to indicate if the statement is true or false. If the
statement is true, choose [1] and if the statement is false, choose [2].
3.1 A natural monopoly is created by government when only one supplier can supply the
whole market.
[1] True
[2] False
Answer:
Refer to Page 181 of the prescribed textbook:
There are a number of potential barriers to entry that may give rise to monopoly or near-
mono poly (or may protect existing monopolists from competition).
In some cases one firm can supply the entire market at a lower price than two or more firms
can. When there is room for only one firm in an industry to produce a product efficiently
(i.e. when one firm can supply the entire market at a lower price than two or more firms
can), economists speak of a natural monopoly.
3.2 Local authorities generate their own revenue and do not form part of government in
South Africa.
[1] True
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