Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
The effect of having a high number of firms on price, quality, choice, profit. Characteristics, advantages and disadvantages of monopoly. Note: the theory of perfect and imperfect competition and diagrams are not required. Note: diagrams are not required.
Definition and examples of the economic problem in the contexts of: consumers; workers; producers; and governments. The difference between economic goods and free goods.
Influences to include demand for the product, the price of different factors of production, their availability and their productivity. The reasons for adopting the different forms of production and their advantages and disadvantages. The difference between, and influences on, production and productivity.
