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1.5 Competitive and concentrated markets

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Question 38

Table 1 shows information about the market for party-equipment hire in two cities.

City RCity S
Total annual market sales£4.0 million£6.0 million
Combined annual sales of the four largest providers£3.0 million£1.8 million
Typical cost of equipment, storage and a trading licence before opening£80,000£20,000

Using the information in Table 1, state two reasons why the market in City S is likely to be more competitive than the market in City R.

[2]
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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