A student compares the market for bicycle repairs in four towns. Town A has more than twenty repairers, and none of them can charge more than the others without losing customers. Town B has six repairers and Town C has two. Town D has a single repairer, which sets its own prices.
Which conclusion about these markets is best supported by the student's comparison?
The four markets share one structure, because every repairer sells the same service.
Each market's structure depends on how hard its repairers work to win customers.
Each repair firm has its own market structure, whatever town it trades in.
The four markets occupy different positions on a continuum of market structures.
149 exam-style questions on AQA GCSE Economics 1.5 Competitive and concentrated markets, covering 1.5.1a The range of market structures, 1.5.1b Distinguishing between market structures, 1.5.2a Characteristics of a competitive market, 1.5.2b How producers operate in competitive markets, 1.5.2c The economic impact of competition, 1.5.3a Characteristics of a non-competitive market, 1.5.3b How producers operate in non-competitive markets, 1.5.3c Monopoly and oligopoly, 1.5.4a The labour market and wage determination, and 1.5.4b Gross and net pay. Each one has a worked solution and a mark scheme showing where the marks go.