what is a competitive market Briefly describe a type of market that is not perfectly competitive

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

1. What is a competitive market? Briefly describe a type of market that is not perfectly competitive.

Competitive market is a market where there are several producers who compete with each other in order to provide goods and services that the people need and want. 

A type of market that is not perfectly competitive is firms that are the price makers and example of that would be a monopoly.  Monopoly is a perfect example of not perfectly competitive as it is a firm that has a market to itself. 

 

2. Consider the market for paracetamol. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of paracetamol.

a. There is a flu epidemic.

The determinants of demand or supply that is affected is: 

b. The price of ibuprofen and aspirin go up.

 

c. Paracetamol is no longer offered over-the-counter (a prescription is needed)

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