# Economics Grade 12 Paper 2 KZN June 2020 Memo

> Grade 12 Economics Paper 2 memorandum from the KZN June 2020, 17 pages. Read online or get the free PDF download, question paper linked when available.

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- Updated: 2026-09-27
- Subject: Economics
- Grade: Grade 12
- Document type: Memorandum
- Year: 2020
- Exam period: KZN June
- Paper: 2
- Curriculum: CAPS
- Pages: 17

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Economics · Grade 12 · KZN June · 2020. Memorandum, 17 pages. Read online or download the PDF.

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                     education
                     Department:
                        cation
                         iVINCE OF KWAZULU-NATAL

                                        NATIONAL
                                   SENIOR CERTIFICATE

                                     [   GRADE 12        ]

        �
            �---------------------------------------------��
       �                                                                     �
                                     ECONOMICS P2

                             COMMON TEST - JUNE 2020

       :                             MEMORANDUM
       �    �---------------------------------------------��

MARKS                 150

DURATION              2 Hours

                         This marking guidelines consists of 16 page

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SECTION A: COMPULSORY
QUESTION 1 30 MARKS — 20 MINUTES

1.1. MULTIPLE-CHOICE QUESTIONS

1.1.1 A (electri
1.1.2 D (normal
1.1.3. D (below AVC) v
1.1.4 B (insufficient)v v
1.1.5 B (non-excludability) vv
1.1.6 D (price ceiling)v v
1.1.7 C (social cost)v Vv
1.1.8 B (opportunity cost)vv

1.2 MATCHING ITEMS
1.2.1 Fv
1.22 Dv
1.23 Gv
1.24 Ev
1.25 Av
1.26 Hv
1.2.7 |v
1.28 BY

1.3 GIVE THE TERM
1.3.1. Long-run v

1.3.2 Cartel ¥

1.3.3 Price discrimination ¥

1.3.4 Loss minimizing point Vv

1.3.5 Cost benefit analysis Vv

1.3.6 Allocative inefficiency v

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(8 x 2) (16)

(8 x 1) (8)

(6 x 1) (6)
TOTAL SECTION A: — [30]

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SECTION B

Answer any TWO of the three questions in this section in the ANSWER BOOK.
QUESTION 2: MAGROECONOMICS 40 MARKS - 30 MINUTES
2.1. Answer thefollowing questions.

2.1.1 Give TWO types of monopolies.
° Natural monopoly ¥ (2x1) (2)
° Artificial monopoly v

2.1.2 Why are businesses in a monopoly market regarded as
price setters? (1x2) (2)
In a monopoly market there is only one business without
competition which allows the business to control the price. vv
(Accept any relevant and correct response)

2.2 DATA RESPONSE

2.2.1. What does point A in the graph above represent? (1)
Profit maximization point “

2.2.2 Why would the above graph be regarded as that of a perfect (1)
competitor?
° Horizontal demand curve Vv
° AR =MR ¥

2.2.3 Describe the term /ong-run. (2)
Long-run is a period of production where all factors of production whether
fixed or variable can change. v ¥
(Accept any relevant and correct response)

2.2.4 Briefly explain how an individual business can increase its profit. (2)
An individual business can increase its profits by increasing quantity
produced or sold. v ¥
(Accept any relevant and correct response)
2.2.5 Calculate the total profit made by this firm above. Show.all (2X2)(4)
calculations.
Profit = TR-TR
Profit= (100 x R12) v — (100 x R8) ¥
Profit= R1200 - R800v
Profit= R400v v

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2.3 DATA RESPONSE

2.3.1 In which industry do these firms operate?

Oil and petroleum v (1)
2.3.2 Givé'the type of product sold in the oligopoly market.

Heterogenous ¥ (1)
2.3.3. Deseribe the term price leadership. (2)

Pricé leadership is a situation where one firm fixes a price and the
others accept it as a market price. vv
(Accept any relevant and correct response)

2.3.4 Briefly explain the barriers to enter into an oligopoly market.

° Entry is not free since it is not easy to obtain a trading (2)
license. Vv
° Existence of large and well established businesses makes

it difficult for new firms to compete in this market. Vv ¥
(Accept any relevant and correct response)

2.3.5 How does the oligopolist increase its market share without

causing price wars? (4)
° branding their product the business creates an impression
that its product is for a particular age group or income
group. vv
. aggressive advertising which inform customers about the
business or product it provides. vv
° using appealing packaging to bring out important features
of their product. vv
° improving their customer service in order to ensure that

they return to their businesses. vv

(Accept any relevant and correct response)

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2.4 With an aid of a well labeled graph discuss negative externality. (8)
a
°
g s;
8
E $i
Po Negative
externality VV
P; |----3
1
s
|
D
t
! \
ie} Qo QQ, Quantity
Explanation

e As aresult of the negative externality e.g. pollution, the marginal
social cost (MSC) represented by S2S> is greater than Marginal
Private Cost.v v

e Lesser quantity Q1 is produced at higher price P2 which causes
social inefficient solution. vv
e The shaded angle represents negative externality (welfare loss).v Vv

2.5 How does a monopolist negatively impact consumers?

The monopolist negatively impact consumers by: (8)
. maximizing their profits by supplying less than optimum quantity of
goods and services which do not meet consumer needs. v ¥
e reducing quantities leading to higher prices which excludes lower
income groups. vv
e preventing entry into the market which limits competition which would
have increased consumer choice on variety of goods in the market. vv
e being unable to produce at the lowest possible cost which would have
made their goods and services become more affordable toconsumers. v ¥
° owning exclusive rights to produce particular products whiéhidiscourage
innovations and inventions which could be beneficial to the-consumers on
quality goods. v ¥ L ~
(Accept any relevant and correct response) [40]

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QUESTION 3: MICROECONOMICS 40 MARKS - 30 MINUTES

3.1. Answer the following questions.

3.1.1. Name EWO variables that determine profit.
e Total costs and total revenue ¥ (2x1) (2)
¢ (Marginal revenue and marginal cost ¥
e . Average revenue and average cost Vv

3.1.2. Why are markets not willing to supply merit goods ? (1x2) (2)
Merit goods are expensive to produce and yield low profits. vv
(Accept any relevant and correct response)

3.2 DATA RESPONSE

3.2.1 Give the name of the shaded area in the graph above. (1)
Economic loss. “

3.2.2 Which curve is the same as the demand curve in the graph (1)
above?
AR VY
3.2.3 Describe the term monopoly. (2)
Monopoly is a market situation where only one firm control the
market.
(Accept any relevant and correct response)

3.2.4 Why is the above equilibrium position typical of the short-run? (2)
An economic loss is only possible for the monopolist in the short run.
(Accept any relevant and correct response)

3.2.5 Calculate the loss made by the firm in the graph above. (4)
Loss = TR-TC
= (13 x 100) v — (15 X 100) v
= 1300 - 1500 v
= -200V

3.3. DATA RESPONSE

3.3.1 Identify the minimum wage rate in the above graph. (1)
R15 v
3.3.2 Which sector benefit from the imposing minimum wage? (1)

Employees / workers ¥

3.3.3. Describe the term minimum wage. (2)
Minimum wage is a wage rate set by the government below which no
employer can pay their workers. vv

(Accept any relevant and correct response)

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3.3.4 Briefly explain the reason for the government to provide public
goods? (2)
e The governments provide public because private sector is
~—reluctant to provide them because their characteristics. v Vv
«High production costs. Vv
Low or no profits. vv
lana (Accept any relevant and correct response)

3.3.5 What negative impact does the minimum wage have on
the economy? (2x2) (4)
e Minimum wages increase cost of production for
business. vv
Lead to decrease in their demand. v Vv
Poverty increase and standard of living decrease. vv
Supply of labour increase due to a higher wage rate
being offered. vv
e Unemployment rate increase to due a decrease in
demand for labour. vv
(Accept any relevant and correct response)

3.4 Briefly discuss the objectives of the Competition Act.
(4x2) (8)
Objectives of Competition Act are to:

e Prevent monopolies and other powerful businesses from abusing
their power of market control. vv

e Regulate the formation of mergers and acquisitions who wish to
exercise market power.v ¥

e Prevent firms from using restrictive practices like fixing
prices.v v

e Promote efficient provision of services in the economy. vv

e Provide consumers with competitive prices and variety of
products. vv

e Encourage South Africa to participate in world markets and
accept foreign competition in South Africa. vv

e Enable SMMEs to participate in the economy. vv

e Allow the previously disadvantaged to increase their ownership
of businesses. Vv

e Promote the level of employment. vv :

(Accept any relevant and correct response)

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3.5 How do firms in the oligopoly industry use collusion maximize their profits?

Collusion is an arrangement between businesses with the aim of limiting
competition-between them by fixing prices.

¢ Businessés can use tacit collusion where firms in the same industry
enter into a formal agreement to collude, this is called a cartel. vv
e Through a cartel businesses form a collective monopoly in order to fix
prices and limit supply and competition. vv
e Overt collusion could also be used where a dominant firm controls the
price of the product in the market and it is referred to as price leadership. vv
e Price leadership is when a dominating firm will increase the price such
that other firms (rivals) will also do the same. vv
(Accept any relevant and correct response)
(8)
[40]

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QUESTION 4: MACROECONOMICS AND ECONOMIC PURSUITS
40 MARKS - 30 MINUTES

4.1 Answer the-following questions.

4.1.1

Give the TWO market forces. (2 x1)
. Demand v
° Supply v
4.1.2 Why is socially optimum output beneficial to society?
. At socially optimum businesses pay for the external (1x2)

cost and therefore decrease production to lower the
impact of negative externalities on society. vv

(Accept any relevant and correct response)

4.2 DATA RESPONSE

4.2.1

4.2.2

4.2.3

4.2.4

4.2.5

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How many businesses are found in a monopoly?

One ¥

Give an example of a monopoly in South Africa.

Eskom v

Describe the term artificial monopoly.
Artificial monopoly occurs when the barriers to enter the market are
not of economic nature but man-made e.g. patents.

(Accept any relevant and correct response)

Briefly explain the shape of the demand curve of a monopoly
market.

The demand curve of the monopoly is a steep downward sloping
demand curve.

How can legal requirements cause monopolies in the market?

The patent is a legal right given to the business to be the sole
producer of a product. ““This excludes all other firms from
producing the same

product. vv

The law requires a firm to hold a license in order to Operate in
a specific market. vv Firms that do not have a licensélare
prevented from entering the market. vv

The copyright is an exclusive right given to authoror artist
which prevents other people from using his or her work
without permission. v“~A monopoly is then created because
other people cannot use the same material without
acknowledgementy v

June 2020 Common Test

(2)

(2)

(1)

(1)

(2)

(2)

(2X2)(4)

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4.3. DATA RESPONSE

4.3.1 Which market structure is depicted on the graph above?

Oligopoly v (1)
4.3.2 Identify the shape of the demand curve.
Kinked v (1)
4.3.3 Describe the term duopoly.
Duopoly is a market structure that is dominated by two industries. vv
(Accept any relevant and correct response) (2)
4.3.4 Briefly explain the interdependence of decision making in the above
market structure.
Businesses in this market make decision based on the actions of their
competitors to maintain or even improve their market share. vv
(Accept any relevant and correct response) (2)
4.3.5 Why is it preferable for the firm in this market structure to sell at the
market price?
. If a firm increases its price, the quantity of units sold will decrease,
causing a decrease in total revenue and profits. vv
. Again if a firm decrease its price, there will be a slight increase in the
quantity of units sold, causing a decrease in total revenue and profits.v v
° The firm is therefore compelled to sell at the market price because that
is where the firm makes maximum profits. vv
(Accept any relevant and correct response) (2x2)(4)
4.4 Briefly discuss the rationale behind cost benefit analysis without using
a graph.
Cost benefit analysis is necessary to:
e ensure that scarce resources are used sparingly when building the
anticipated project. vv
e ensure objectivity when deciding on the project to be built.
° make a better choice between alternative projects. vv
e Weigh the social benefits against the social costs in order-toimake
and informed decisions. vv —
e determine the best option for the benefit of the society. Wy
(Accept any relevant and correct response) (2 x 4) (8)

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4.5 How could government either discourage the production of demerit

goods.
Government will discourage by:
. Carrying out campaigns in order to change or persuade

people not to use demerit goods. v ¥
e Le ving taxes on demerit goods such as cigarettes and alcohol. v ¥
. Passing laws to regulate the use of demerit goods for example companies

are not allowed to advertise cigarette. vv
. Regulating the amount of air pollution and waste. vv

(4 x 2) (8)
[40]

TOTAL SECTION B: [80]

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SECTION C

NSC-MEMO

June 2020 Common Test

Answer any ONE of the two questions in this section in the ANSWER BOOK.
Ensure that your answer follows the structure indicated below in order to obtain

maximum marks:

QUESTION 5: MICROECONOMICS

40 MARKS - 40 MINUTES

Compare the characteristics of the perfect market and the monopolistic competition.

(26 marks)

How has the Competition Act of South Africa succeeded in promoting fair competition?

(10 marks)

INTRODUCTION

A market is a situation whereby buyers and sellers communicate to negotiate business

transactions. Vv

BODY

(Accept any relevant and correct introduction)

Characteristic

Perfect Competition

Monopolistic Competition

Number of businessesY

Many buyers and sellersv ¥

Many buyers and many
sellers Vv

Nature of the product v

Products are homogeneous.
vv

Product is differentiatedv v

Control over price V

A firm is a price taker / no
control over price. vv

Price is determined by
market forces of demand and
supply. vv

A firm is a price taker /no
control over price VV
Price is determined by
market forces v Vv

Freedom of entry”

Entry into the market is free
and easy vv

There is freedom of entry
and exit vv

Demand curveY

Demand curve of a firm is
horizontal. vv
D=AR=MR VY

The demand curve is
negatively sloping. vv
D=AR

MR curve lies below
demand curve

Market informationY

e The availability of
information on product
and price is complete. vv

e The availability of
information on product
and price is
incompletey v

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(Accept any relevantsand correct response)

Max 26 Marks

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ADDITIONAL PART

The Competition Act of South Africa has succeeded in promoting competition by:
e making provision for institution like the Competition Commission, Competition
Tribunal and-Appeal Court to investigate any unfair competition in the country. Vv
n investigator and evaluator of restrictive business practices.v V
endations about penalties for businesses that it finds guilty.v v
implementingithe Competition Tribunal who accepts or rejects the investigations
and recommendations of the Competition Commission, therefore confirms the
penalty imposed. vv

e making it possible for businesses to appeal for penalty imposed by the
Competition Appeal Court.v ¥
. curbing the economic power of big conglomerates to arrive at a more equitable
distribution of income and wealth. v v
e regulating mergers and takeovers to prevent monopolistic tendencies. vv
(Max 10)
CONCLUSION

Buyers as a group determine the demand and sellers as a group determine the supply.
Markets are established by the interactions between buyers and sellers. VW
(Accept any other relevant response) (Max 2)

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QUESTION 6 40 MARKS — 40 MINUTES
e Examine in detail the causes of market failure. (26 marks)
. How does the-South African government intervene to limit market failure?

(10 marks)

INTRODUCTION} >=
Market failure occurs when market forces of demand and supply do not ensure
the correct quantity of goods and services are produced to meet demand at the
right price. vv

(Accept any relevant and correct answer)

BODY / MAIN PART

Externalities v

° These are known as spill-over effects to third party which is not directly involved
in the production process. v ¥

e These are those costs and benefits that convert private cost and benefits into
social costs and benefits. vv

e As externalities in production and consumption often exist and output is usually
based on private costs and benefits, this is a significant cause of market
failure.v Vv

Public goods / Missing markets v

e Significant market failure is to produce some goods and services, despite it being
needed or wanted. vv

e Markets can only form under certain conditions and when these conditions are
absent, markets struggle to exist. vv

e Public goods are not provided for by market mechanism because producers

cannot withhold the goods for non-payment and since there is often no way of
measuring how much a person consumes, there is no basis for establishing a
market price. vv
Community and collective goods together are known as public goods. Vv
Community goods: these are goods such as defense, police services, prison
services, street lightning, flood control, storm water drainage and lighthouses. vv
° Collective goods: these are goods and services such as parks, beaches and
beach facilities, streets, pavements, roads, bridges, public transport, sewerages
systems, waste removals, water reticulation and refuse removals. Vv ~

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Merit goods and demerit goods: v

Merit goods: Some goods are highly desirable for the general welfare of the
people of the country and are often not highly rated by the market. vv

If people have_to pay market prices for them, relatively little would be
consumed 44

In this senge;-the market fails to detriment of the economy and society. VY

e.g. health, tare services, education, skills training, safety, inoculation, car seats
belts etc. V7

Demerit goods: Items such as cigarettes, alcohol, and non-prescriptive drugs
are example of demerit goods. v

In a free market economy, these goods are over-consumed. v ¥

Some consumers may be unaware of the true costs of consuming them that is
their negative externalities. vv

Government can ban their consumption or reduce it by means of taxation (e.g.
excise duties) and by providing information about their harmful side effects. vv

Imperfect competition v

In market economies, competition is often impaired by power. vv

Power often lies to a greater extent with producers than with consumers. ¥ ¥
Most businesses operate under conditions of imperfect competition that allows
producers to restrict output, raise prices and produce where price exceeds
marginal cost. v ¥

They can also prevent new businesses from entering the industry, thereby
preventing full adjustment to charges in consumer demand occurring. vv

Lack of information v

Consumers, workers and entrepreneurs do not always have the necessary
information at their disposal to make rational decisions. VV

Consumers: Although advances in technology increase the amount of
information to which people have access, they obviously do not have perfect
information. vv

Workers: They may be unaware of job opportunities outside their current
employment. vv

Entrepreneurs: They may lack information about the cots, availability and
productivity of some factors of production, and may be operating on the basis
of incorrect information. vv

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Immobility of the factors of production: v

e Most markets do not adjust rapidly to changes in supply and demand.v v

e While this may be due to lack of information, it also true that resources are very
often not mobile. vv

. Labour: Theyjmay take time to move into new occupations and geographically
to meet thecchanges in consumer demand. v ¥

e Physical capital: Factory buildings and infrastructure such as telephone lines,

bridges, railMinks and airports are not moveable at will. vv
They lastformany years, but cannot be moved to fit change in demand. vv
Technological applications change production methods:
Technology used in the production may change. e.g. the use of robots rather
than labour in mines. vv

e However, it takes time for most industries to adapt - with greater technological
changes, there is an increasing need for workers to be flexible, to be willing to
update their skills throughout their working lives and to change employment,
occupations and work patterns. vv

Imperfect distribution of income and wealth: v

e The most important shortcoming of market systems is that it is neutral
in the issue of income distribution. vv

e If the initial distribution is unequal, the final distribution will be too. vv

. For this reason, it is often argued that the market fails.

(Max 26)

ADDITIONAL PART

How does the South African government intervene in the economy to limit market
failure?

° The government may pass laws on competition and prevent unaffordable prices
and limited supply to avoid imperfect competition. vv

e Levy taxes to recover external costs, which would decrease the production of
goods causing negative externalities. vv

e Provide producer subsidies to lower cost of producing essential goods and
lowering their prices. Vv

e Set minimum prices to enable producers to make comfortable encouraging them
to supply essential goods. vv

° provide public goods and services which suppliers do not intend to provide
because of their non-profitability. vv

° promote the availability of information and quality on goods supplied and services
provided for the benefit of consumers. Vv”

(Max 10)
(Accept any relevant and correct answer)

CONCLUSION

e Market failures can have devastating effects on the economy which/requires
government to intervene to reduce their consequences. v ¥ 0 (Max 2)

(Accept any relevant and correct answer)
[40]

TOTAL SECTIONC: [40]
GRAND TOTAL: [150]

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