IB Economics HL 2.8.1 Socially Optimum Output Topic Practice

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Unit 1 Introduction to economics

Unit 2 Microeconomics

2.3 Competitive market equilibrium

2.4 Critique of the maximizing behaviour of consumers and producers

2.5 Elasticities of demand

2.6 Elasticity of supply

2.7 Role of government in microeconomics

2.8 Market failure - externalities and common pool or common access resources

2.8.1—Socially optimum output

2.8.2—Externalities and welfare loss

2.8.3 (HL)—Welfare loss calculation

2.8.4—Common pool resources

2.8.5—Responses to externalities and common pool resource problems

2.8.6—Evaluating policy responses

2.9 Market failure - public goods

2.10 Market failure - asymmetric information

2.11 Market failure - market power

2.12 The market's inability to achieve equity

Unit 3 Macroeconomics

Unit 4 The global economy

IB/Economics/HL//Question Bank/Unit 2 Microeconomics/2.8 Market failure - externalities and common pool or common access resources/2.8.1—Socially optimum output

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