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IB Economics HL 2.11.3 Hl Degrees of Market Power Questions

Practise 2.11.3 (HL) Degrees of market power 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

  • Market power is the ability of a firm to influence price
  • Perfectly competitive firms have no market power and are price takers
  • Imperfectly competitive firms have varying degrees of market power and are price makers
  • Diagram: perfectly competitive firm as price taker where P = D = AR = MR
  • Diagram: perfectly competitive firm showing abnormal profit, normal profit, and losses

Learn this topic

Study 2.11.3 (HL)—Degrees of market power conceptsOpen the corresponding Concept lesson for explanations, examples and exam connections.

IB Economics HL 2.11.3 Hl Degrees of Market Power Questions question 1

[Maximum number: 1]

Draw and label the marginal revenue (M R) curve for corn for an individual farmer in Nissos on the grid below.

Figure for Question IB Economics HL 2.11.3 Hl Degrees of Market Power Questions question 1 — IB Economics HL
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