O-LevelEconomicsMicroeconomic decision makers2281/12 · May/June 2022 · Q101 Mark

What could cause profits to be high in a monopoly market?

Abarriers to entry

Bdiseconomies of scale

Celastic demand for the product

Dhigh number of substitutes for the product

✓ Correct answer

A: barriers to entry

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2022 Paper 1 Variant 2, question 10.

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