IB Economics HL 2.11.1 Hl Market Structures Questions
Practise 2.11.1 (HL) Market structures in IB Economics HL by reviewing the concepts and applying them to marked questions.
- Syllabus
- First assessment 2022
- Course
- Economics HL
- Level
- HL
Exam points
- Perfect competition has many firms, free entry, and homogeneous products
- Monopoly has a single or dominant firm, high barriers to entry, and no close substitutes
- Oligopoly has a few large firms, high barriers to entry, and interdependence
- Monopolistic competition has many firms, free entry, and product differentiation
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IB Economics HL 2.11.1 Hl Market Structures Questions question 1
[Maximum number: 2]
State two characteristics of a perfectly competitive market.
Marking guidance:
Award [1] for each valid characteristic.
Characteristics may include:
- many small firms
- homogeneous product
- no barriers to entry (and exit)
- perfect information
- perfect factor mobility
- firms are price takers.
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