WASSCE Economics · Paper 1 style

Market structure

One sample question with the full working. 3 more in the app, with instant feedback and repair sessions for the traps below.

A market with only one seller of a product with no close substitute is

Aperfect competition
Boligopoly
Cmonopoly
Dmonopsony

Show the answer and working

Answer: C

One seller = monopoly.

Trap A Confuses market structures: Perfect competition: many firms, homogeneous product, price takers. Monopoly: one seller, barriers. Oligopoly: few interdependent firms.

Trap B Picks a closely related concept: Learn related terms as contrasting pairs with one-line definitions, and identify which one the stem describes.

Trap D Applies the rule for the opposite case: Before answering, name the case in the stem (inelastic? price floor ABOVE equilibrium? point INSIDE the PPC?) and recall the rule for that case only.

Traps in Market structure

Confuses market structures
Perfect competition: many firms, homogeneous product, price takers. Monopoly: one seller, barriers. Oligopoly: few interdependent firms.
Picks a closely related concept
Learn related terms as contrasting pairs with one-line definitions, and identify which one the stem describes.
Applies the rule for the opposite case
Before answering, name the case in the stem (inelastic? price floor ABOVE equilibrium? point INSIDE the PPC?) and recall the rule for that case only.
Chooses a true but irrelevant statement
Re-read the question's key term and test each option against it, not against whether it is true in general.

Practise Market structure (3 questions)Send to your class on WhatsApp