O-LevelEconomicsThe allocation of resources2281/11 · May/June 2012 · Q221 Mark

If a perfectly competitive market becomes a monopoly, what will be likely to increase and what will be likely to decrease?

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Abarriers to entry economies of scale

Blong-run profits competition

Coutput market share

Dconsumer choice prices

✓ Correct answer

B: long-run profits competition

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2012 Paper 1 Variant 1, question 22.

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