Many exam questions on market structures seem to focus on perfect competition, monopoly or oligopoly. However, all the main exam board specifications also require an understanding of monopolistic competition. The required content includes the key features of monopolistic competition and an analysis of short-run and long-run equilibrium, including diagrammatic analysis. The OCR exam board requires you to be able to evaluate the advantages and disadvantages of this market structure, while AQA also emphasises the importance of non-price competition.
An example essay on this topic might include the following questions:
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