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Subjects · Leaving Cert Economics

Leaving Cert Economics: Monopolistic competition

How often Monopolistic competition comes up on the Economics papers, every year it was asked, and questions to try.

HL Asked on 2 of the last 5 Higher Level papers, most recently in 2024.

OL Asked on 2 of the last 5 Ordinary Level papers, most recently in 2024.

Monopolistic competition, Higher Level(7 marks)

Quick ones on Monopolistic competition.

(a)Which is a key feature of monopolistic competition?
  1. One firm selling a unique product
  2. Many firms selling slightly different products
  3. A few firms selling identical products
(b)In monopolistic competition, the firm's demand curve is…
  1. Vertical at one level of output
  2. Perfectly horizontal at the market price
  3. Downward-sloping and fairly elastic
(c)In long-run equilibrium under monopolistic competition, AR is tangent to AC…
  1. On the falling part of AC
  2. On the rising part of AC
  3. At the minimum point of AC
Show the answers

(a) Many firms selling slightly different products

(b) Downward-sloping and fairly elastic

(c) On the falling part of AC

Your turn: Higher Level questions on Monopolistic competition.

Higher Level

Asked on 2 of the last 5 Higher Level papers, most recently in 2024.

Every paper, year by year

YearWhere it came up
2025Not asked
2024Q14
2023Not asked
2022Not asked
2021Q9

Links open the State Examinations Commission’s paper for that year.

Ordinary Level

Asked on 2 of the last 5 Ordinary Level papers, most recently in 2024.

Every paper, year by year

YearWhere it came up
2025Not asked
2024Q3
2023Q11
2022Not asked
2021Not asked

Links open the State Examinations Commission’s paper for that year.

More Monopolistic competition questions

Monopolistic competition, 2 marks

In monopolistic competition, firms sell products that are?

  1. Identical
  2. Unique, with no substitutes
  3. Similar but differentiated
Show the answer

Similar but differentiated

Many firms sell similar goods, like cafés or hairdressers, but each tries to stand out by brand, location or service. This gives each firm a little control over its price.

Monopolistic competition, 3 marks

Which is the best example of monopolistic competition?

  1. Wheat farming
  2. Hairdressers in a town
  3. The national electricity grid
Show the answer

Hairdressers in a town

Hairdressers are many, easy to set up and each offers a slightly different service. The electricity grid is a natural monopoly, and wheat farming is close to perfect competition.

Monopolistic competition, 3 marks

Firms in monopolistic competition rely heavily on?

  1. Non-price competition, such as branding
  2. Patents that block all new firms from entering
  3. Government setting the price for every firm
Show the answer

Non-price competition, such as branding

Because products are similar, firms compete through advertising, branding, loyalty cards and service quality. This makes customers less likely to switch over price.

Other Economics topics

All of Leaving Cert Economics