Economic theory – NBC Institute

BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

Question

Which of the following is a feature of monopolistic competition?
A. Small number of suppliers
B. Monitors the actions of the other firms
C. Faces a kinked demand curve
D. Knowledge is widespread, but not perfect
E. Decisions of one firm influence the decisions of other firms

Answer

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Tags: Economic theory, Market Features, Monopolistic Competition
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

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

Identifies characteristics of a perfectly competitive market.

Question

State FOUR characteristics of a perfectly competitive market.

Answer

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Tags: Economic theory, Market Characteristics, Perfect competition
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

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.

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic theory, Market structure, Monopoly, Perfect competition, Price determination
Level: Level 1

Topic: Competitive forces and markets
Series: MAR 2024

BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic theory, Market Features, Monopolistic Competition
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

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

Identifies characteristics of a perfectly competitive market.

Question

State FOUR characteristics of a perfectly competitive market.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic theory, Market Characteristics, Perfect competition
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

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.

Question

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

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic theory, Market structure, Monopoly, Perfect competition, Price determination
Level: Level 1

Topic: Competitive forces and markets
Series: MAR 2024

Question Tag: Economic theory

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BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

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

Identifies characteristics of a perfectly competitive market.

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.

BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

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

Identifies characteristics of a perfectly competitive market.

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.

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BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

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

Identifies characteristics of a perfectly competitive market.

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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.

You're reporting an error for "BMIS – March 2024 – L1 – Q2c – Competitive forces and markets"

BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

You're reporting an error for "BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment"

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

Identifies characteristics of a perfectly competitive market.

You're reporting an error for "BMF – May 2018 – L1 – SB – Q4a – The Business Environment"

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.

You're reporting an error for "BMIS – March 2024 – L1 – Q2c – Competitive forces and markets"

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