Question 16
Question 16 of 30
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No letter options?
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
Topics Tested
3. Microeconomic decision...
3.8. Market structure

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.

2. The allocation of reso...
2.8. Price elasticity of supply (PE...

The implications for decision making by consumers, producers and government.