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CCEA GCSE Economics Competition and the Labour Market quiz quiz

14questions. Pick an answer and you'll see why right away.

  1. A market dominated by a single seller protected by barriers to entry is called:

  2. Which of these is a benefit to consumers of greater competition?

  3. A barrier to entry is something that:

  4. A possible benefit of a monopoly to consumers is that:

  5. Firms try to gain market power mainly because it allows them to:

  6. A natural monopoly is a market where:

  7. The demand for labour is described as a 'derived demand' because:

  8. In the labour market, the equilibrium wage is set where:

  9. A surgeon is usually paid more than a cleaner mainly because:

  10. A trade union raises its members' pay mainly by:

  11. A national minimum wage set above the equilibrium wage is likely to cause:

  12. A national minimum wage set below the equilibrium wage will:

  13. If the demand for labour is inelastic, a rise in the minimum wage will:

  14. Competition pushes firms to be efficient because: