Mark scheme Q8 unit 2.11
In this paper 1 type question, part A focuses on monopolistic firms in the short run and long run and why the absence of barriers to entry will ensure normal profits will be made in the long run. Part B requires students to discuss the impact on consumers and the firms themselves when an oligopoly or monopoly emerges. Answers may include: Responses should begin with a definition of monopolistic competition, as a...