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HomeCIE IGCSE EconomicsMarket structure: perfect competition, monopoly and oligopoly
CIE · IGCSE · Economics

Market structure: perfect competition, monopoly and oligopoly
Practice Questions

20 CIE IGCSE Economics questions on Market structure: perfect competition, monopoly and oligopoly, each with instant feedback and a full examiner-style mark scheme.

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Question 1 · 1 mark · Difficulty 1/3

Which of the following is a characteristic of a perfectly competitive market?

  1. Firms are price makers
  2. There are significant barriers to entry
  3. Products are homogeneous
  4. There are only a few large firms
Show answer & explanation
✓ Answer: CProducts are homogeneous
Award 1 mark for identifying that perfect competition requires identical products. A is incorrect — firms in perfect competition are price takers, not price makers. B is incorrect — there are no barriers to entry in perfect competition. D is incorrect — perfect competition has many small firms, not a few large ones.
Question 2 · 1 mark · Difficulty 2/3

Petronas, the Malaysian oil company, operates in a market where a small number of large firms dominate global oil production and pricing decisions. What type of market structure best describes the global oil industry?

  1. Perfect competition
  2. Monopoly
  3. Oligopoly
  4. Monopolistic competition
Show answer & explanation
✓ Answer: COligopoly
Award 1 mark for recognising that a market dominated by a few large firms is an oligopoly. A is incorrect — perfect competition has many small firms with no market power. B is incorrect — monopoly has only one firm. D is incorrect — monopolistic competition has many firms with differentiated products.
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CIE IGCSE Economics: Market structure: perfect competition, monopoly and oligopoly FAQ

How many CIE IGCSE Economics questions on Market structure: perfect competition, monopoly and oligopoly are there on Kramizo?
Kramizo currently has 20 exam-board-aligned practice questions on Market structure: perfect competition, monopoly and oligopoly for CIE IGCSE Economics, with new questions added every week. Each question gives you instant feedback and a full examiner-style mark scheme that tells you exactly what would earn marks on a real CIE paper. The questions span the full difficulty range — from straightforward recall (level 1) right up to multi-step reasoning and evaluation (level 3) — so the bank works for first-pass revision and final exam-week stress testing alike.
Is Kramizo free for CIE IGCSE students preparing for Economics?
Yes — completely free. Every student gets 45 questions a day on the free plan, with no card required and no trial countdown. That free quota works across every subject and every topic in our bank, so you can mix Market structure: perfect competition, monopoly and oligopoly practice with other Economics topics or even switch to a totally different CIE subject without paying anything. Kramizo's optional Pro plan removes the daily cap and adds detailed progress analytics, but the free tier is the real product — used by thousands of GCSE, IGCSE and CSEC students.
Are the Market structure: perfect competition, monopoly and oligopoly questions aligned to the official CIE IGCSE Economics syllabus?
Every question is written against the published CIE IGCSE Economics specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real CIE paper. Explanations are written in the style of official examiner mark schemes — they tell you what is being awarded marks and why distractors are wrong, not just whether you got it right. The bank is continually refined to match the latest syllabus updates from CIE.
How is Market structure: perfect competition, monopoly and oligopoly typically tested on CIE IGCSE Economics papers?
Market structure: perfect competition, monopoly and oligopoly appears across multiple question types on real CIE IGCSE Economics papers — most commonly as multiple-choice questions in the objective section, structured short-answer questions in the main paper, and occasionally as part of an extended response. Kramizo's practice bank reflects that mix: 4-option MCQs, true/false statements, fill-in-the-blank key terms, multi-select questions, and ordering questions. Working through the bank gives you exposure to every question style examiners actually use.

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