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Economics · Oct / Nov 2024 · Paper 12 · Question 16

2281Types of markets

A competitive industry becomes a monopoly. What is the most likely advantage for consumers?

  1. Aconsumer choice may increase
  2. Beconomies of scale may reduce prices
  3. Cmore goods may be produced
  4. Dprices may be set by market forces

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Correct answer: B. economies of scale may reduce prices

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