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INSTRUCTIONS:
(b) (i) Distinguish between market price and equilibrium price. (2mks)
(ii) Give any two uses of price in an economy. (2mks)
(c) (i) Distinguish between composite demand and derived demand. (2mks)
(ii) Mention any two commodities with composite demand.
(d) (i) Distinguish between labour demand and labour efficiency. (2mks)
(ii) Mention any two limitations of labour efficiency in an economy.(2mks)
(g) Study the table below and answer the questions that follow.
6. (a) Distinguish between per capital income and personal income. (4mks)
(b) What are the limitations of using per capital income as a measure
of standard of living in an economy? (16mks)
END