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Question

  1. Using demand and supply analysis, explain how resources are allocated through changes in price in a market economy.

 

2.    Explain how scarce factors of production are allocated by the free market. (Paper 2, 2007).

 

 

  1. “Normally, it would be expected that more would be demanded at lower prices as opposed to higher prices, all other things being equal, but this may not always be the case.” Explain this statement.

 

  1. Paper 3 sub-question c: Using a demand and supply diagram for haircuts, explain how a shortage of staff in the hairdressing industry could affect the price of haircuts. (May 2009)

 

  1. Using an appropriate diagram, explain the likely consequences of an increase in the minimum wage.

 

  1. Evaluate the impact of government intervention in the market in setting maximum prices.

 


Answer


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