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Question 19N.3.HL.TZ0.a

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Date November 2019 Marks available [Maximum mark: 2] Reference code 19N.3.HL.TZ0.a
Level HL Paper 3 Time zone TZ0
Command term State Question number a Adapted from N/A
a.
[Maximum mark: 2]
19N.3.HL.TZ0.a

State two characteristics of a perfectly competitive market.

[2]

Markscheme

Award [1] for each valid characteristic.

Characteristics may include:

  • many small firms
  • homogeneous product
  • no barriers to entry (and exit)
  • perfect information
  • perfect factor mobility
  • firms are price takers.

Syllabus sections