Game theory can be used to explain the breakdown of a cartel. Which of the following is the most likely cause of such a breakdown?

Which of the following characteristics is shared by a monopolist and a firm operating under conditions of monopolistic competition?

Which of the following is the best example of price discrimination?

In October 2011 Boeing’s 787 Dreamliner aircraft entered commercial operation. The firm announced that its fixed costs of development had been much higher than expected. Assuming the firm is profit maximising, what impact is an increase in fixed costs likely to have on output, price and profit?

A commodity is traded under conditions of perfect competition. Which one of the following is a likely impact of exit from the industry by a large number of loss-making producers?

A cherry grower finds it impossible to influence the market price of her produce. Which of the following conditions would most clearly indicate that she operates in a perfectly competitive market?

Supermarkets selling freshly baked bread are operating in an oligopoly. They tend to keep prices stable for a popular, frequently compared product, an 800 gram white loaf. One reason for this might be

The diagram shows the costs and revenues for a firm with monopoly power. Which of the following statements is true?

In August 2009 the Competition Commission published a Groceries Supply Code of Practice. Large supermarket chains were paying very low prices to some suppliers. Which type of market power does this suggest the large supermarket chains have?

Shoe repairing firms in a large city are providing similar services and they are making normal profits. Customers tend to be loyal to particular firms. The market structure most resembles