Imperfect Competition Revision Notes, Past Papers & Questions for Leaving Cert Economics

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Revision Question

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75% of students got this correct.

What characterizes firms in monopolistic competition?

They are price takers with no control over market price.

They produce identical, undifferentiated products.

They have some control over price due to product differentiation.

They are single sellers in their respective markets.

Entry and exit to and from the industry are heavily regulated.

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Leaving Cert Economics Imperfect Competition Revision Notes

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Imperfect Competition Revision Notes, Past Papers & Questions for Leaving Cert Economics

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Imperfect Competition Revision Notes

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What characterizes firms in monopolistic competition?

Leaving Cert Economics Imperfect Competition Revision Notes

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Other Leaving Cert Economics topics to explore

Economic Concepts

Elasticity

(Old Course) FACTORS OF PRODUCTION - Capital

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National Income

(Old Course) The Government & the Economy

Revenue & Profit

Supply

Market Equilibrium

Cost of Production

Perfect Competition

Oligopoly

The Price Level

The Government Budget and The National Debt

Factors of Production

Labour