5 questions on The Dynamics of Competition and Competitive Market Processes (AQA specification 1.5.8) from the A-Level Economics papers, 2017–2022. Every question links to the official mark scheme at the page its answer begins on.
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Extract E (lines 17–19) states that, ‘the price gap between discounters and conventional supermarkets is now about 10–12%, against more than 20% a few years ago.’ Evaluate the view that the supermarket sector is serving customers' interests well.
Explain how the data in Extract A (Figure 2) show that greater competition leads to lower prices in the market for generic drugs.
Evaluate the view that technological change tends to bring industries closer to the market structure of perfect competition.
1.4.8 Technological Change · 1.5.8 The Dynamics of Competition
Explain how the data in Extract A show that the market power of the Big Four banks is weakening against competition from smaller rivals.
1.5.6 Monopoly and Monopoly Power · 1.5.8 The Dynamics of Competition
Extract C (line 2) states that ‘Many competitors are using digital technology to drive innovation’. Use the extracts and your knowledge of economics to assess whether the benefits outweigh the costs when the Government privatises organisations such as Royal Mail and opens up the market to competition.
1.4.8 Technological Change · 1.5.8 The Dynamics of Competition
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