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Cambridge IGCSE Economics practice

Paper 2 structured question: Market structure

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Market structure

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Paper 2Structured Questions1 marks

Monopoly markets are prevalent in various industries.

Description

Characteristics of Monopoly Markets

Monopoly markets are characterized by a single seller, high barriers to entry, and significant price-setting power. They can lead to higher prices and reduced consumer choice.

  1. a

    State one feature of a monopoly market.

    Aim for approximately 1 distinct marking point.

    [1]

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Paper 2 structured question: Market structure

Paper 2Structured Questions3 marks

Description

Impacts of Monopoly Markets

Monopolies can lead to higher prices for consumers but may also allow for significant investment in innovation due to high profits.

  1. a

    Explain two drawbacks of monopoly markets.

    Aim for approximately 2 distinct marking points.

    [2]
  2. b

    Discuss the benefits of monopolies in terms of economies of scale.

    Aim for approximately 1 distinct marking point.

    [1]