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Northern IrelandEconomicsQuick questions
A2 1: Business Economics
Quick questions on Perfect competition and monopoly - CCEA A-Level Economics A2 1
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
State three assumptions of perfect competition. [3 marks]
What is q2?Show answer
Explain why a monopoly can earn supernormal profit in the long run but a perfectly competitive firm cannot. [4 marks]
What is q3?Show answer
Explain one way in which a monopoly might benefit consumers. [3 marks]
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