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A-LevelEconomicsThe price system and the microeconomy9708/31 · May/June 2017 · Q71 Mark

Imperfect competition is distinguished from perfect competition in that, in long-run equilibrium, A supply is elastic. B demand is inelastic. C marginal cost will be below average cost. D average revenue will be below marginal revenue.

Mark scheme

Marking points from the official mark scheme (May/June 2017). The mark or mark type is shown in brackets.

  1. [1] C

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About this question

Topic
The price system and the microeconomy, A-Level Economics (syllabus 9708). Structured question, 1 mark.
Source
A-Level Economics, May/June 2017 Paper 3 Variant 1, question 7.

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