What this practice covers
These questions are drawn from past Edexcel IGCSE papers and filtered to competition and the labour market. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
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What examiners see students get wrong here
These are the errors that cost marks on competition and the labour market, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Saying monopoly is always bad, without the economies of scale and natural monopoly arguments.
- Forgetting that labour demand is derived from demand for the product.
- Explaining wage differences only by skill, ignoring the supply side, how many people can do the job.
- Confusing demand for labour (from firms) with supply of labour (from workers).
- Saying a minimum wage only helps workers, without mentioning possible job losses.
- Treating a large market share as proof of a bad outcome, without asking about barriers to entry.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: Competition and the Labour Market revision notes.