O-LevelEconomicsThe allocation of resources2281/11 · May/June 2013 · Q171 Mark

Which characteristic relates to perfect competition and which to monopoly?

Aperfect competition: abnormal profit, monopoly: normal profit

Bperfect competition: barriers to entry, monopoly: freedom of entry

Cperfect competition: few firms, monopoly: many firms

Dperfect competition: price taker, monopoly: price maker

✓ Correct answer

D: perfect competition: price taker, monopoly: price maker

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2013 Paper 1 Variant 1, question 17.

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