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how excess demand or supply signals the need for price adjustment in a market economy.
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Practice IB Economics Topic 2.2 Supply with authentic exam-style questions for both SL and HL students. This question bank focuses on the exact syllabus content for 2.2 Supply and mirrors Paper 1, 2, 3 style where relevant.
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how excess demand or supply signals the need for price adjustment in a market economy.
how a subsidy influences the supply in a market
(a) the law of supply, including the underlying assumptions.
(b) Using real-world examples, the extent to which the law of supply is useful in explaining producer behaviour.
(a) the differences between movements along the supply curve and shifts of the supply curve.
(b) Using real-world examples, the view that subsidy is the most effective policy to encourage the consumption of merit goods.
(a) the difference between a movement along the supply curve and a shift of the supply curve.
(b) Using real-world examples, the consequences for consumers when there is a significant decrease in the supply of a good.
