A-LevelEconomicsThe price system and the microeconomy9708/33 · Oct/Nov 2017 · Q141 Mark
In 2015 the price of oil fell dramatically. As a result, 65000 jobs were lost in the North Sea oil industry.
- 14How would this be represented on a diagram for the labour market for oil workers? A a movement down the marginal revenue product curve B a shift towards the horizontal axis of the marginal cost curve C a shift towards the origin of the marginal revenue product curve D a shift towards the vertical axis of the average cost curve[1]
Mark scheme
Marking points from the official mark scheme (Oct/Nov 2017). The mark or mark type is shown in brackets.
- [1] C
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