A-LevelEconomicsGovernment InterventionMay/June 2012Paper 1 Q181 Mark
The diagram shows the market for spectacles. Initially the market equilibrium price is P₀ and quantity Q₃ is bought and sold. [Figure 18.1] The government then sets both a maximum price of Px and a minimum price of PM. What effect will these measures have on the market for spectacles?
Acreate a shortage of spectacles equal to Q₁Q₅
Bcreate a surplus of spectacles equal to Q₂Q₄
Ccreate a surplus of spectacles equal to Q₃Q₄
Dleave the quantity bought and sold unchanged
✓ Correct Answer
The correct answer is D: leave the quantity bought and sold unchanged
📋 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...
🎯 Mark Scheme Breakdown
Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.
🔒
Unlock the Examiner's Analysis
Sign up for free to reveal the full examiner report, trap analysis, and mark scheme breakdown for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep