Explain why the price of average tickets has risen by £10 in the last month. Use a supply and demand diagram. (5 marks)
This is an example of a 5 marker in the second part of new spec edexcel paper 1
1 mark for defining supply and demand
1 mark for applying it to context (text provided in the exam)
3 marks for diagram (original equilibrium, shifts and new equilibrium)
JS
Related Economics A Level answers
All answers ▸With the help of a diagram, explain why a trade-off between price stability and low unemployment might occur. (9 marks)
How do I prepare for a longer essay question?
Explain why the use of petrol and diesel cars may be a source of market failure.
Is the demand for food likely to be Price elastic or Inelastic?