Edexcel IGCSE Economics 1.2.4.f main features of monopoly
Practise monopoly-feature questions by defining patents or price-makers and explaining how high start-up costs block entry.
- Syllabus
- First assessment 2019
- Course
- Economics 4EC1
Exam points
- Define price-maker, unique product, patent or barriers to entry accurately.
- Describe how high start-up costs, patents or technology block competitors.
- Identify monopoly features from options such as price-maker or high barriers.
1.2.4.f Main features of monopoly question 1
[Maximum number: 3]
Explain one reason why Microsoft might have patents on its designs.
Fast food restaurants around the world use division of labour during the production of food and drinks. Employees are given different tasks. Burgers are fried before being placed in a bread 'bun'. Chopped lettuce and tomatoes are then added. Potatoes are also peeled and sliced in order to make fries.
AO2 3 marks
Accept any other appropriate response
(3)
Question
Number
With reference to the data above and your knowledge of economics, assess whether a firm, such as a fast food restaurant, always benefits from using division of labour.
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