A-LevelEconomicsMarket FailureOct/Nov 2011Paper 1 Q171 Mark
What is a merit good?
Agood or service which has higher social costs than private costs
Bgood or service which has no opportunity cost
Cgood or service which is both non-excludable and non-rival
Dgood or service which has a greater value than individuals recognise
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of market failure within the Economicssyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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