Q1.
With the use of examples, explain the various barriers to entry to a market AND how these barriers might affect market structure. In the past, drug companies,
utilities, the postal service and others have been heavily protected by entry barriers. Evaluate the possible effects on efficiency and resource allocation of
removing these barriers. TOTAL 40 MARKS
Up to 20 marks for a good list of barriers (up to 4 marks each with explanation)
The remaining 20 marks can only be gained for discussing market structure and the allocation of resources and evaluating the removal of barriers. The marks will be
gained for detailing and explaining the pluses and minuses. Explanations need to be at the level that your uncle can understand.
EXTRA CREDIT (Voluntary)
Q2. Provide an example of a product or service and a market in which it is provided. Explain what kind of market structure exists to provide that product or service.
The explanation should include evidence for your choice of market structure. Evaluate whether the market structure as it exists would be considered efficient and if
the market already has government t intervention, what that intervention is and whether, in your view that makes the market more or less efficient. Total 20 marks
possible for 5%
MARK SCHEME
Good example and evidence – up to 5 marks
Good explanation of market structure up to 5 marks
Good use of evidence to support choice of market structure – up to 5 marks
Good evaluation of whether market is efficient and the role of any government intervention – up to 5 marks
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