This Model Essay answer could be used in A Level or IB classes to demonstrate how to write an effective essay in the Business Economics/Theory of the Firm unit.
It comprises the following two-part question, answered to a standard likely to score top marks in CIE, AQA, IB or other syllabuses' marking rubrics:
In production, a distinction is made between short-run cost curves and long-run cost curves. Using appropriate cost curve diagrams, explain this distinction. (12 marks)
Evaluate the view that productive and allocative efficiency is more likely to be achieved in perfectly competitive industries than monopolies. (13 marks)