How can I achieve a top grade?
Economics is all about models involving assumptions and diagrams. So whenever you're answering a question, you must identify the assumptions relating to it, draw a diagram illustrating your argument and give a detailed explaination of the diagram. Top mark answers will further include examples and evaluation of the economic theories and policies.
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Related Economics IB answers
All answers ▸Under what conditions can a firm sell the same product at different prices?
What are the determinants of price elasticity of demand?
Using at least one diagram, explain the difference between demand-pull and cost-push inflation.
Discuss the possible consequences of the imposition of an indirect tax on cigarettes for the different stakeholders in the market.