3 marksMarket Structure
CAPE Economics Unit 1 · 2016 · Paper 2 · Question 4(a)
Identify THREE characteristics of the perfectly competitive market structure.
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Practise this questionOther parts of this question
- 4(b)Suggest TWO reasons why the perfectly competitive market structure is considered the most efficient market structure.[6 marks]
- 4(c)Compare, with the aid of a diagram, the pricing and output decision of the perfectly competitive firm and the monopolist.[8 marks]
- 4(d)(i)Explain how market failure is caused by a monopolist.[3 marks]
- 4(d)(ii)Assess governments' response to market failure caused by monopolies.[5 marks]
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