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1.5 Competitive and concentrated markets

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Question 24

An economist is investigating four markets for business services.

MarketTotal annual sales (£m)Largest firm's annual sales (£m)Combined annual sales of the next three largest firms (£m)Ease of entryProduct differentiation
J90072108EasyWeak
K1,250300625DifficultSome
L50041035BlockedNone
M750120180EasyStrong

Using the information provided, in which market are the leading firms most likely to be interdependent, judging how rivals will react before changing price?

[1]
A

Market J

B

Market L

C

Market M

D

Market K

Markscheme

1.5 Competitive and concentrated markets Questions

  1. GCSE
  2. /Economics
  3. /1.5 Competitive and concentrated markets

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.

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