AQA A Level · 7136 · Paper 1: Markets and market failure
4.1.5.3 Perfect competition
Also AQA AS 7135: 3.1.4.3
Everything you need for questions on perfect competition, in the words examiners reward. An interactive seven-step lesson goes with it.
What's on this sheet
- Characteristics
- Short run to long run
- Firm and industry diagrams
- Efficiency in the long run
- Worked example
- Classic question: is perfect competition the best market structure?
- Side 2: practice tasks, where the marks go, and exam-style questions
- Separate answer key
The lesson in seven steps
- Run the market
- Which assumption?
- Try setting your own price
- Perfect competition trainer
- The ideal market?
- Build the chain
- Exam practice
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