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8 marksMarket Structure

CAPE Economics Unit 1 · 2013 · Paper 2 · Question 3(a)

Analysis of market structures.

Outline FOUR major characteristics of perfect competition.

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Other parts of this question

  1. 3(b)Compare the characteristics outlined in (a) with those of monopolistic competition.[8 marks]
  2. 3(c)(i)Compare monopolistic competition and perfect competition in terms of the way they compete with other businesses.[3 marks]
  3. 3(c)(ii)Compare monopolistic competition and perfect competition in terms of their profit in the short run and long run.[3 marks]
  4. 3(c)(iii)Compare monopolistic competition and perfect competition in terms of the efficiency with which they use resources.[3 marks]

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