A-LevelEconomicsThe Market System and the National EconomyFeb/Mar 2017Paper 1 Q61 Mark
In 2014, in an attempt to find new uses for seven sites previously used to bury rubbish, the Hong Kong government announced it would allow private companies to bid to redevelop the sites. Which diagram shows the change in the market for these sites?
A[Diagram showing a leftward shift of both the demand and supply curves, leading to a higher equilibrium price and lower equilibrium quantity]
B[Diagram showing a rightward shift of both the demand and supply curves, leading to an ambiguous equilibrium price and higher equilibrium quantity]
C[Diagram showing a rightward shift of both the demand and supply curves, leading to a higher equilibrium price and quantity]
D[Diagram showing a leftward shift of the demand curve and a rightward shift of the supply curve, leading to a lower equilibrium price and ambiguous equilibrium quantity]
✓ Correct Answer
The correct answer is A. This question tests the candidate's understanding of the market system and the national economy 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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