05 Explain what is meant by a ‘perfectly competitive market’ (Extract D, line 29) and, using
a diagram to help you, analyse how a fall in demand across the retail industry can be
expected to affect the sales and profits of an individual retail firm operating in a perfectly
competitive market. (10 marks) June 2010
Use Tutor2u powerpoint to recap class notes: http://www.tutor2u.net/economics/presentations/a2economics/micro/PerfectCompetition/player.html
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