(a)
- Calculate the approximate price per kilo of onions in September 2003. [2]
- Identify two reasons why prices might usually be expected to rise before the Holy Month of Ramadan. [2]
- What might the Minister have meant by ‘a just price’? [2]
(b)
- With the aid of a demand and supply diagram, explain how traders may benefit from reducing the supply of essential foodstuffs. [4]
- With the aid of a demand and supply diagram, analyse the effect on the market for onions of the introduction of an effective maximum price. [4]
(c)[6]
Discuss the desirability of the Government’s intervention in the market for onions.