3.8.1 - Competitive markets
Unit 3.8.1 - Competitive marketsThis section of the Cambridge IGCSE Economics (0455) syllabus requires students to understand the effects of having a high number of firms in a market on the following variables: price, quality, choice, and profit.Note: the theory of perfect and imperfect competition and diagrams are not required.A competitive market (often referred to as perfect competition) is characterised by an industry...
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