(a) What is a supply schedule?
(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules.
(c) State three examples of exceptional demand.
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Most of the candidates were attracted to this question. The general performance was well above average. A few of the candidates had difficulty in providing the correct answer for the (c) part of the question. These candidates would have scored better marks if they had included the following in their answers.
(c) Exceptional demand:
Fixed demand or perfectly inelastic demand e.g. salt
