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4 marksMarket Failure

CSEC Economics · May/June 2015 · Paper 2 · Question 5(c)(ii)

Explain how the presence of each of the following in the market could cause market failure:

Monopolies

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Other parts of this question

  1. 5(a)(i)Define the term 'Ceteris paribus'.[2 marks]
  2. 5(a)(ii)Define the term 'Income elasticity of demand'.[2 marks]
  3. 5(b)List THREE characteristics of a monopolist.[3 marks]
  4. 5(c)(i)Externalities[4 marks]
  5. 5(d)Using a diagram, illustrate the impact of a rise in the cost of production in a free market economy on BOTH the equilibrium price and the equilibrium quantity.[5 marks]

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