A-LevelEconomicsThe price system and the microeconomy9708/31 · May/June 2018 · Q101 Mark

What is implied by an observation that an industry is contestable? A Barriers to entry make little difference to a firm's monopoly power. B Firms in the industry can earn abnormal profits in the long run. C Inefficient firms can survive in the industry in the long run. D Monopoly power is not necessarily exploited.

Mark scheme

Marking points from the official mark scheme (May/June 2018). 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, May/June 2018 Paper 3 Variant 1, question 10.

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