A-LevelEconomicsThe price system and the microeconomy9708/31 · Oct/Nov 2019 · Q91 Mark

The list provides characteristics of the market in which firm X operates. • Firms in the market spend a lot of money on advertising. • Firms in the market experience a high level of uncertainty. • Start-up costs for new firms entering the market are relatively high. • The largest five firms in the market control 85% of total sales. In which market structure is firm X operating? A monopoly B monopolistic competition C oligopoly D perfect competition

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2019). The mark or mark type is shown in brackets.

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Topic: The price system and the microeconomy, A-Level Economics (syllabus 9708). Structured question, 1 mark.
Source: A-Level Economics, Oct/Nov 2019 Paper 3 Variant 1, question 9.

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