How often Market structures: perfect competition to monopoly is asked
5 of 5
papers asked it
avg 14 marks · last Oct 2017
Where it was asked
The questions
May/Jun 2016, Q55multiple choice
Identify which one of the following is not a requirement for or characteristic of perfect competition.
May/Jun 2016, Q56multiple choice
Consider the following characteristics: (i) influence over market price; (ii) product differentiation; (iii) complete information; (iv) agreements between sellers to control supply. Which of these characteristics are not associated with perfect competition?
May/Jun 2016, Q57multiple choice
If a firm faces a perfectly elastic demand for its product, which of the following relationships holds?
May/Jun 2016, Q58multiple choice
In a perfectly competitive industry, the market price is R20. An individual firm produces output at which MC = R25. What should the firm do to maximise short-run profits or minimise losses?
May/Jun 2016, Q59multiple choice
Explain why perfectly competitive firms earn normal profit only in the long run.
The full Spot Map and the marks by year.