Question Tag: Perfect competition

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  • 20 Marks

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

(a) What is a Perfect Competitive Market in Economics? [2 marks]

(b) Identify three (3) features of Perfect Competition. [6 marks]

(c) Assuming a competitive firm’s Price (P) is GHC12, Average Total Cost (ATC) is GHC13, Average Variable Cost (AVC) is GHC10, and Quantity Supplied (QS) is 25. Calculate the firm’s Profit level and explain why it should or should not shut down in the short run. [6 marks]

(d) Explain the term Oligopoly as a Market Structure. [2 marks]

(e) What is Price Ceiling? Mention two (2) effects of Price Ceiling? [4 marks]

(Total: 20 marks)

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  • 4 Marks

BMF – May 2018 – L1 – SB – Q4a – The Business Environment

Identifies characteristics of a perfectly competitive market.

State FOUR characteristics of a perfectly competitive market.

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  • 6 Marks

BMIS – March 2024 – L1 – Q2c – Competitive forces and markets

Explain characteristics of a perfectly competitive market and how a monopolist can maximize revenue by choosing either price or quantity.

A perfectly competitive market has been described as one in which buyers and sellers have no option but to take the price determined by the forces in the market. Whereas prices are determined by the forces in a perfectly competitive market, a monopolist firm can maximise its revenue by doing one of two things – choose price or quantity.

Required: i) Explain THREE (3) characteristics of a perfectly competitive market. (3 marks) ii) Explain the statement in bold. (3 marks)

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  • 20 Marks

EIB – APR 2024 – L1 – Q3 – Market Structures and Price Controls

Defines perfect competition, lists features, calculates profit and shutdown, defines oligopoly, explains price ceiling effects.

(a) What is a Perfect Competitive Market in Economics? [2 marks]

(b) Identify three (3) features of Perfect Competition. [6 marks]

(c) Assuming a competitive firm’s Price (P) is GHC12, Average Total Cost (ATC) is GHC13, Average Variable Cost (AVC) is GHC10, and Quantity Supplied (QS) is 25. Calculate the firm’s Profit level and explain why it should or should not shut down in the short run. [6 marks]

(d) Explain the term Oligopoly as a Market Structure. [2 marks]

(e) What is Price Ceiling? Mention two (2) effects of Price Ceiling? [4 marks]

(Total: 20 marks)

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  • 4 Marks

BMF – May 2018 – L1 – SB – Q4a – The Business Environment

Identifies characteristics of a perfectly competitive market.

State FOUR characteristics of a perfectly competitive market.

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  • 6 Marks

BMIS – March 2024 – L1 – Q2c – Competitive forces and markets

Explain characteristics of a perfectly competitive market and how a monopolist can maximize revenue by choosing either price or quantity.

A perfectly competitive market has been described as one in which buyers and sellers have no option but to take the price determined by the forces in the market. Whereas prices are determined by the forces in a perfectly competitive market, a monopolist firm can maximise its revenue by doing one of two things – choose price or quantity.

Required: i) Explain THREE (3) characteristics of a perfectly competitive market. (3 marks) ii) Explain the statement in bold. (3 marks)

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