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Unit 2.11-2.12 questions

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  • Exam style questions/
  • Paper 1 style examination questions/
  • Unit 2.11-2.12 questions

Teacher notes

This page continues with examination style questions, this time focusing on questions from the section of the course, theory of the firm.  The following questions are all IB paper 1 in type and include a mark scheme.  The mark scheme can be accessed directly from this page.  I have included the questions as an editable word document so that you can select the questions that you need to devise your own mock or practise exams.  Each of these questions have both (a) and (b) sections and are designed to be completed in 1 hour, 15 minutes, making them ideal as a homework or class work exercise. 

Unit 2.11-2.12 P1 microeconomics questions (HL only)

1. (a) Explain the difference between cost curves in the short-run and long-run. [10 marks]

(b) Using real world examples, evaluate the view that firms in perfect competition will offer greater benefits to consumers than firms in monopoly. [15 marks]

Mark scheme for this question is available at: Mark scheme question 1 

2. (a) Explain why many oligopolies find it difficult to change their prices?  [10 marks]

(b) Using real world examples, evaluate the view that perfectly competitive industries are more efficient than monopoly market structures.  [15 marks]

Mark scheme for this question is available at: Mark scheme question 2

3. (a) Explain different ways than a monopoly may emerge. [10 marks]

(b) Using real world examples, evaluate whether a monopoly or perfectly competitive market offers the better deal for consumers. [15 marks]

Mark scheme for this question is available at: Mark scheme question 3 

4. (a) Explain how the creation of a monopoly may increase the level of welfare loss in a society. [10 marks] 

(b) Using real world examples, discuss the effectiveness of different government policies aimed at reducing the power of monopolies?  [15 marks] - HL only

Mark scheme for this question is available at: Mark scheme question 4 

5. (a) Explain how oligopoly firms increase their market share at the expense of their rivals. [10 marks]

(b) Using real world examples, evaluate the view that firms in an oligopoly enjoy more benefits from the structure than consumers. [15 marks] - HL only

Mark scheme for this question is available at: Mark scheme question 5 

The above P1 questions can be downloaded as a PDF file at:  Unit 2.11-2.12 micro questions