Question 4.1 to 4.2 is based on the diagram below relating to market structures.

4.1 List the order of the market structures starting from left to right. 8 Mark question

4.2 Explain, choosing the ONE relevant diagram between Diagram A and Diagram B below, the long-run profit maximizing position of firms in the fourth market structure. (Read the order of the market structures from left to right) 7 Mark question

The Spectrum of Competition Many firms Many firms Few firms One firm