Cambridge AS & A Level Economics
7.6Different market structures
Different market structures in Cambridge AS & A Level Economics: what the syllabus expects you to know, the learning objectives and how to practise.
Subtopic135 practice questions6 lessons
Overview
Cartels (7.7.4) are taught in the collusion lesson covered here.
Learning objectives
What the syllabus expects you to be able to do.
- 7.6.1Distinguish perfect competition from imperfect competition: monopoly, monopolistic competition, oligopoly and natural monopoly.
- 7.6.2Describe each market by the number of buyers and sellers, product differentiation, freedom of entry and availability of information.
- 7.6.3Explain legal, market, cost and physical barriers to entry and exit.
- 7.6.4Explain the performance of firms in each structure: revenue curves, short- and long-run output and profit, shutdown price and the supply curve under perfect competition.
- 7.6.5Explain efficiency and X-inefficiency, contestable markets, price and non-price competition, collusion and the Prisoner's Dilemma with a two-player pay-off matrix.
- 7.6.6Define and calculate the concentration ratio.
Lessons
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Collusion, cartels and the Prisoner's Dilemma
45 min
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Market structures: features, barriers and contestability
40 min
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Monopolistic competition
40 min
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Monopoly and natural monopoly
45 min
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Oligopoly: interdependence and pricing behaviour
45 min
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Perfect competition
45 min
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Sample question
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