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9 marksMarket Structure

CAPE Economics Unit 1 · 2010 · Paper 2 · Question 3(a)(i)

SECTION II Answer ONE question from this section. Draw all diagrams neatly and carefully and clearly label all axes and curves.

Compare the characteristics of monopolistic competition with those of oligopoly, focusing on the number of firms, entry and exit barriers, and the nature of the product.

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Other parts of this question

  1. 3(a)(ii)Assess the role of advertising in monopolistic competition.[4 marks]
  2. 3(b)With the aid of a short-run diagram and a long-run diagram, explain output level, pricing (relative to AR, ATC, and MC), and the profits of the firm in…[12 marks]

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