O-LevelEconomicsThe allocation of resources2281/11 · May/June 2024 · Q161 Mark

What is likely to happen if a previously competitive market becomes a monopoly?

Abarriers to entry decrease, economies of scale decrease, the size of the firm increases

Bbarriers to entry decrease, economies of scale increase, the size of the firm decreases

Cbarriers to entry increase, economies of scale decrease, the size of the firm decreases

Dbarriers to entry increase, economies of scale increase, the size of the firm increases

✓ Correct answer

D: barriers to entry increase, economies of scale increase, the size of the firm increases

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2024 Paper 1 Variant 1, question 16.

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