A-LevelEconomicsGovernment microeconomic intervention9708/42 · Oct/Nov 2018 · Q225 Marks
Discuss whether economic efficiency is always achievable in a market economy.
- Discuss whether economic efficiency is always achievable in a market economy.[25]
Mark scheme
Marking points from the official mark scheme (Oct/Nov 2018). The mark or mark type is shown in brackets.
- [25] Definitions and explanations of productive efficiency and allocative efficiency Price = MC. Use of perfect competition model to demonstrate market achievement of PE & AE. Discussion of circumstances in which economic efficiency is not attained e.g. imperfect competition, externalities, public goods, asymmetric information.
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