Economics 9708 · AS & A Level · Scarcity, choice and opportunity cost
Using a production possibility curve (PPC) diagram, explain scarcity and choice, and judge the extent to which every choice has an equal opportunity cost.
Assess whether the allocation of resources in a market economy is always beneficial.
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “An exact PPC diagram – either a concave curve or a straight line that meets both axes, with the axes suitably and correctly labelled” …