AQA•A-Level•Economics
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Perfect Competition, Imperfect Competition and Monopoly
Market structures, profit maximisation, and efficiency
Practice 50 subtopics in Perfect Competition, Imperfect Competition and Monopoly. All questions match the AQA A-Level specification.
About Perfect Competition, Imperfect Competition and Monopoly
Perfect Competition, Imperfect Competition and Monopoly is a key topic in the AQA A-Level Economicsspecification. This topic covers market structures, profit maximisation, and efficiency.
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Market structure spectrumFeatures of different market structuresAssumptions of perfect competitionMany buyers and sellersHomogeneous productsPerfect informationNo barriers to entry or exitPrice takersShort-run equilibrium in perfect competitionLong-run equilibrium in perfect competitionEfficiency in perfect competitionFeatures of monopolistic competitionProduct differentiationNon-price competitionShort-run and long-run equilibriumFeatures of oligopolyConcentration ratiosInterdependenceGame theory basicsPrisoner's dilemmaKinked demand curvePrice rigidityNon-price competition in oligopolyCollusionCartelsTacit collusionFeatures of monopolySources of monopoly powerLegal barriersNatural barriersStrategic barriersMonopoly equilibriumProfit maximisationMC = MR rulePrice discriminationFirst degree price discriminationSecond degree price discriminationThird degree price discriminationConditions for price discriminationCharacteristics of natural monopolyRegulation of natural monopolyTheory of contestable marketsHit and run competitionSunk costsImplications for efficiencyAllocative efficiencyProductive efficiencyDynamic efficiencyX-inefficiencyPareto efficiency
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