1.3.4 - Price determination

Equilibrium price and quantity, and how they are determined. market.

Use a - equilibrium price and quantity, and how they are determined. market to connect the rule to the data and decision in the question.

This matters because a - equilibrium price and quantity, and how they are determined. market determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - equilibrium price and quantity, and how they are determined. market to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - Equilibrium price and quantity, and how they are determined. market is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Causes of changes in the equilibrium price and quantity as a equilibrium result of shifts in demand and supply curves.

Use b - causes of changes in the equilibrium price and quantity as a equilibrium result of to connect the rule to the data and decision in the question.

This matters because b - causes of changes in the equilibrium price and quantity as a equilibrium result of determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - causes of changes in the equilibrium price and quantity as a equilibrium result of to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Causes of changes in the equilibrium price and quantity as a equilibrium result of is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The operation of market forces to eliminate excess demand and excess supply.

Use c - operation of market forces to eliminate excess demand and excess supply to connect the rule to the data and decision in the question.

This matters because c - operation of market forces to eliminate excess demand and excess supply determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - operation of market forces to eliminate excess demand and excess supply to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - operation of market forces to eliminate excess demand and excess supply is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between consumer and producer surplus. producer surplus.

Use a - distinction between consumer and producer surplus. producer surplus to connect the rule to the data and decision in the question.

This matters because a - distinction between consumer and producer surplus. producer surplus determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - distinction between consumer and producer surplus. producer surplus to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - distinction between consumer and producer surplus. producer surplus is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

How changes in demand or supply might affect consumer and producer surplus.

Use b - changes in demand or supply might affect consumer and producer surplus to connect the rule to the data and decision in the question.

This matters because b - changes in demand or supply might affect consumer and producer surplus determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - changes in demand or supply might affect consumer and producer surplus to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - changes in demand or supply might affect consumer and producer surplus is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The rationing, incentive and signalling functions of the price price mechanism mechanism for allocating scarce resources.

Use a - rationing, incentive and signalling functions of the price price mechanism mechanism to connect the rule to the data and decision in the question.

This matters because a - rationing, incentive and signalling functions of the price price mechanism mechanism determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - rationing, incentive and signalling functions of the price price mechanism mechanism to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - rationing, incentive and signalling functions of the price price mechanism mechanism is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The price mechanism in the context of different types of markets, including local, national and global markets.

Use b - price mechanism in the context of different types of markets, including local, national to connect the rule to the data and decision in the question.

This matters because b - price mechanism in the context of different types of markets, including local, national determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - price mechanism in the context of different types of markets, including local, national to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - price mechanism in the context of different types of markets, including local, national is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The impact of indirect taxes on consumers, producers and the subsidies government.

Use a - impact of indirect taxes on consumers, producers and the subsidies government to connect the rule to the data and decision in the question.

This matters because a - impact of indirect taxes on consumers, producers and the subsidies government determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - impact of indirect taxes on consumers, producers and the subsidies government to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - impact of indirect taxes on consumers, producers and the subsidies government is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The incidence of indirect taxes on consumers and producers.

Use b - incidence of indirect taxes on consumers and producers to connect the rule to the data and decision in the question.

This matters because b - incidence of indirect taxes on consumers and producers determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - incidence of indirect taxes on consumers and producers to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - incidence of indirect taxes on consumers and producers is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The impact of subsidies on consumers, producers and the government.

Use c - impact of subsidies on consumers, producers and the government to connect the rule to the data and decision in the question.

This matters because c - impact of subsidies on consumers, producers and the government determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - impact of subsidies on consumers, producers and the government to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - impact of subsidies on consumers, producers and the government is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The incidence of subsidies on consumers and producers.

Use d - incidence of subsidies on consumers and producers to connect the rule to the data and decision in the question.

This matters because d - incidence of subsidies on consumers and producers determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - incidence of subsidies on consumers and producers to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - incidence of subsidies on consumers and producers is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.