Economics 9708 · AS & A Level · Maximum and minimum prices
Explain, with the help of a diagram, the disadvantages for consumers when a maximum price is introduced in a market for an essential food item.
Discuss whether the advantages of privatising an industry will always outweigh the disadvantages.
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Knowledge/Diagram: The vertical axis is labelled P/Price correctly; the horizontal axis is labelled Q/Quantity correctly; the equilibrium price is shown (1 mark).” …