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Understanding externalities

QUESTION AND ANSWER

Perfect competition

In this column, Steve Stoddard offers guidance on answering examination questions about the market structure of perfect competition

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All of the main exam board specifications require students to have an understanding of perfect competition. The required content includes the key features of perfect competition and an analysis of short-run and long-run equilibrium, including diagrammatic analysis.

An example essay on this topic might include the following questions:

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Previous

HS2 and compulsory purchase

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Understanding externalities

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