What this practice covers
These questions are drawn from past Cambridge IGCSE papers and filtered to types of markets. 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.
Start practising Paper 1 MCQs →
What examiners see students get wrong here
These are the errors that cost marks on types of markets, 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, mention economies of scale and natural monopoly.
- Forgetting barriers to entry, which are what allow a monopoly to persist.
- Saying competitive firms make no profit. They make normal profit; abnormal profit is competed away.
- Confusing a monopoly with a large firm. What matters is the lack of competition, not size alone.
- Listing government policies without giving a drawback of any.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: Types of Markets revision notes.