It's a past year A level question if i recall correctly.
As a A level student, here is my take on the question:
a) - Explain Barriers to entry (Talk about insitutional BTEs and
Economical BTEs)
add examples in real world.
Direction: High BTEs => Mkt power => Ability of firms to
restrict Price or output
- explain with diagram
No/Low BTE=>no mkt power=> price taker
- explain with same diagram
of course, points need to be further elaborated
