O-LevelEconomicsMicroeconomic decision makers2281/12 · Oct/Nov 2024 · Q161 Mark

A competitive industry becomes a monopoly. What is the most likely advantage for consumers?

Aconsumer choice may increase

Beconomies of scale may reduce prices

Cmore goods may be produced

Dprices may be set by market forces

✓ Correct answer

B: economies of scale may reduce prices

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2024 Paper 1 Variant 2, question 16.

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