Paper 1 – Perfect Competition and monopolies
Note: this is OPEN BOOK. Please feel free to use your textbook, and your notes to help answer this question. You MUST draw your own diagrams – that can be through a computer program, or by hand. However, you cannot copy/paste diagrams.
Remember that when you are answering a 10 mark paper 1 question you should include the following:
Diagrams, Explanations, Examples, and Definitions. Your objective is to recognize the meaning of the command terms; to make life easier I have included what the command term means here at the end of the assignment, so make sure you are meeting the objectives of the question.
For the 15 mark question, remember that you are expected to do the following:
Again, check the command terms to ensure you are answering the question as expected.
Please answer both parts of the question listed below:
Note – for part b, it is that the structure is more desirable – you can get into the practicality of one model over another, but the question asks you to discuss based on the traits of the market structure.
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