With reference to the data in Figure 1, explain the market structure that best describes the UK EV public rapid charging network market.
Figure 1: Market share of UK EV public rapid charging networks (by share of rapid/ultra-rapid charging sessions)
| Brand | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
|---|---|---|---|---|---|
| VoltCharge | 39.5% | 38.1% | 36.8% | 35.4% | 34.2% |
| PowerGrid | 24.8% | 25.5% | 26.2% | 27.1% | 28.0% |
| FlashCharge | 16.4% | 17.2% | 18.0% | 18.9% | 19.5% |
| EcoPulse | 6.2% | 6.0% | 5.8% | 5.5% | 5.2% |
| PetroVolt | 4.1% | 3.9% | 3.7% | 3.5% | 3.3% |
| Others | 9.0% | 9.3% | 9.5% | 9.6% | 9.8% |
92 exam-style questions on Edexcel A A Level Economics 3.4 Market structures, covering 3.4.1 Efficiency, 3.4.2 Perfect competition, 3.4.3 Monopolistic competition, 3.4.4 Oligopoly, 3.4.5 Monopoly, 3.4.6 Monopsony, and 3.4.7 Contestability. Each one has a worked solution and a mark scheme showing where the marks go.