Edexcel A-Level Economics Past Papers June 2024

An oligopoly market has high barriers to entry, and a few firms dominate the market. If there are only two or three firms with a similar market share, they are more likely to

* define oligopoly * draw diagram * explain diagram * pros - non-price competition * cons - * wasted resources on advertising increases barriers to entry * local monopolies * misallocation of resources A competitive oligopoly market consists of a few

Economic growth * 2024 annual economic growth: 1.1% * quarterly economic growth: 0% * annual growth forecast (1%) * output gap: -0.6% * GDP per capita: £36,000 * total GDP: £2.85 trillion * services - 79%