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Theme 4: Market Power and Market Failure
infoWhy this? Market power can allow firms to restrict competition, influence prices, and alter the distribution of economic benefits. Examining monopolies, cartels, natural monopolies, and labour market power helps us evaluate their consequences for efficiency and welfare, including the benefits and limitations of regulation and competition policy.
scheduleWhy now? Year 12 work on business growth, costs, and market failure equips us to investigate market power as a specific source of potentially inefficient outcomes. Studying this alongside Competition and Market Power connects firm behaviour with policy responses and prepares us to examine wider market failures and financial regulation.
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