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Units 2.11-2.12: Monopoly power model answers

  2. Paper one
  3. Units 2.11-2.12: Monopoly power model answers
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Units 2.11-2.12: Monopoly power model answers (HL only)

This page is the landing page for the model answers in units 2.11-2.12, microeconomics.

This is the landing page for units 2.11-2.12 model answers
 

Question 1: Units 2.11-2.12 (HL only) costs

(a) Explain why costs in both the short-run and long-run are U shaped? [10 marks] Command term: Explain How to write this part (a) response: Introduction Define the economics terms used in the first part of the essay - short run, long run. Main...

 

Question 2: Units 2.11-2.12 (HL only) oligopoly

(a) Explain why the firms in oligopolistic markets may find it difficult to change prices?  [10 marks] Command term: Explain How to write this part (a) response: Introduction Define the economics terms used in the first part of the essay - oligopoly,...

 

Question 3: Units 2.11-2.12 (HL only) monopoly

(a) Explain why welfare loss is created when a competitive industry becomes a monopoly. [10 marks] Command term: Explain How to write this part (a) response: Introduction Define the economics terms used in the first part of the essay - monopoly,...

 

Question 4: Units 2.11-2.12 (HL only) monopoly

(a) Identify the role of barriers to entry in establishing monopoly businesses. [10 marks] How to write this part (a) response: Introduction Define the economics terms used in the first part of the essay - monopoly, barriers to entry Main Body Using...

 

Question 5: Units 2.11-2.12 (HL only) oligopoly

(a) Identify why firms operating in an oligopoly market can only increase their market share through product differentiation. [10 marks] - HL only How to write this part (a) response: Introduction Define the economics terms used in the first part...