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Market structures

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Question 14

Which of these characteristics describes a market operating under perfect competition?

A

High barriers to entry, homogeneous products, normal profit in the long run

B

Freedom of entry and exit, differentiated products, supernormal profit in the long run

C

Freedom of entry and exit, homogeneous products, normal profit in the long run

D

No barriers to entry, unique products, price-making power

Markscheme

Market structures Questions

  1. A Level
  2. /Economics
  3. /Market structures

42 exam-style questions on OCR A Level Economics Market structures, covering Perfect competition, Monopoly, Monopolistic competition, Oligopoly, and Contestable markets. Each one has a worked solution and a mark scheme showing where the marks go.

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