How to I approach the 10 mark question on paper 1?
Start by defining the key economic terms which are used in the question. This is absolutely essential. After your definitions move on to the next paragraph. In the second paragraph you need to explain the relavant economic theory. A diagram is almost always necessary. In the final paragraph include a real life example. This is key to scoring in the 8-10 point range.
AL
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All answers ▸How can I get 8 points out of 8 in Question d of the Economics HL Paper 2?
Using diagrams and an example, define what is meant by the term "negative externality of consumption". List two policies that can be used to correct for this market failure.
What is the difference between a monopoly and monopolistic competition?
Explain how a profit can be earned in the short run but not the long run in a perfectly competitive market.