Economics revision

Economics revisionQ1)Explain why perfect competition rarely happens in practice what is the most commonly occurring market type, and what are the key features of these markets?

Perfect competition you cannot tell apart also you need 4 things for perfect competition , free entry ,similar products , many buyers and sellers, price takers......Why are we worried about oligopoly .....The most common are Monopoly Oligopoly .... And and monopolistic which is the most common out of the three ..............Q2) What are the principle differences between theorising of Baumol Marries and Williamson, why were these alternative theories developed ...................Q3) Explain why rail companies have full price and off peak ticket prices................... What condition must be met for this form of price discrimination to exist....

First degree when you charge different prices second degree buying in bulk discount 3 degree we can charge different prices.................They must face different demand curves, they must be able to be separated between the consumers...... Q4) Describe and briefly explain the 4 key aspects of EU competition policy ............

Dominant market positionCartels Mergers State aid

Q5) Structure conduct Performance......