Economics P2 November 2023 SECTION A 1.3

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 A market structure that produces a unique product with no close
substitutes

1.3.2 When the average revenue is greater than the average costs of a
firm

1.3.3 A price set below the market equilibrium to make goods affordable
to consumers

1.3.4 A very high increase in prices that exceeds 50% per month

1.3.5 Traditional ways of doing things that are unique to a given culture

1.3.6 A licence given to businesses to pollute to a certain limit