A-LevelEconomicsMarket EfficiencyOct/Nov 2021Paper 1 Q131 Mark
The diagram shows the market for smartphones in India. Rising incomes in India have seen a demand for this normal good shift from D₁ to D2. Which area now represents consumer surplus and which area now represents producer surplus?
Aconsumer surplus: FMH; producer surplus: HMK
Bconsumer surplus: FMH; producer surplus: OKMT
Cconsumer surplus: GNJ; producer surplus: HMNJ
Dconsumer surplus: GNJ; producer surplus: JNK
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The correct answer is A. This question tests the candidate's understanding of market efficiency 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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