A-LevelEconomicsThe Price System and the MicroeconomyOct/Nov 2013Paper 1 Q51 Mark
The diagram shows an individual's demand curve. [Figure 5.1] What does XY measure?
Athe consumer surplus derived by the individual from the last unit consumed
Bthe equilibrium price of the good
Cthe quantity demanded by the individual at any given price
Dthe value of the individual's marginal benefit from the last unit consumed
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The correct answer is D. This question tests the candidate's understanding of the price system and the microeconomy within the Economicssyllabus. The examiner's mark scheme requires...
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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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