(a)[8]
Show how a production possibility curve can be used to illustrate scarcity, choice and opportunity cost.
(b)[12]
Discuss whether imposing maximum prices can improve the allocation of scarce resources.
Economics 9708 · AS & A Level · Production possibility curves
Production possibility curves — practice question
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Knowledge and understanding: a correctly drawn production possibility curve diagram with suitable axes (Up to 2 marks).” …
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