CSEC Economics · May/June 2007 · Paper 2 · Question 4(a)
Define the term 'market'.
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 4(b)List THREE reasons why markets fail.[3 marks]
- 4(c)Describe TWO benefits that will result in moving from a monopoly to a perfectly competitive market in the telecommunications industry.[4 marks]
- 4(d)(i)Describe the market situation at a price of $8.[2 marks]
- 4(d)(ii)The government imposes a fixed price of $6 on Product X. With the aid of a diagram, discuss the effects of this action.[4 marks]
More practice: the rest of this paper · more Price Determination and Market Equilibrium questions · all CSEC Economics past papers