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# Unit 3 Economics Multiple Choice Querys watch

1. Ok so here is the question

A firm selling snack food at a music festival is operating in market conditions of monopolistic compeition, it is likely:
a) the answer is: neither allocatively nor productively efficient in the long run

I asnwered this question by giving the definition of monopolistic competition and then giving the definitions for both allocative and productive efficiceny

In the mark scheme it dosent say annything about giving marks about defining allocative or productive efficeny, therefor i was wondering if i would still get full marks on this? or do i only get marked on the things it says on the mark scheme?

thanks
2. Anyone?
3. for this question i reckon you would only get one mark for a definition.. they wouldn't give all 3 marks for definition unfortunately ='(

maybe list a condition of monopolistic competition and also relate your answer to the context of the question... That will get you 2 =)
4. As Alika100 has stated I guess you get a mark for your definition.
But the other marks can be gained when you identifying and relating to the market structure. monopolistic competitive market structure sell differentiated goods or you can state any other kind of conditions. Then a graph for a monopolistically competitive firm for the long run or short run.
5. you need to mention what is about the business that affects the allocative efficiency. i don't think you would get marks for defining allocative and productive efficiency. you need to apply your knowledge to the business in order to gain maximum marks.
6. Ok thank you for all your contributions

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7. I would expect you would get one mark for AO1 for defining monopolistic competition.

I would pick up the other two marks by drawing a diagram of monopolistic competition in the long run. Pointing out where allocative efficiency is (MC=AR) and where productive efficiency is (AC=MC) and how the diagram shows the firm is actually operating at (AC=AR) which is not allocativly or productivly efficient.

Therefore you have applied defining the efficiencies to AO2, which I imagine would give you two marks. Although I can see no harm in defining as much as possible to make sure they haven't put it in the mark scheme.
8. (Original post by Gary)
Ok so here is the question

A firm selling snack food at a music festival is operating in market conditions of monopolistic compeition, it is likely:
a) the answer is: neither allocatively nor productively efficient in the long run

I asnwered this question by giving the definition of monopolistic competition and then giving the definitions for both allocative and productive efficiceny

In the mark scheme it dosent say annything about giving marks about defining allocative or productive efficeny, therefor i was wondering if i would still get full marks on this? or do i only get marked on the things it says on the mark scheme?

thanks
If it specifically says they do not award marks then they wont. The best thing to do was draw a diagram to show to this.

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Updated: January 11, 2013
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