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IB Economics Topic 2.3 Competitive Market Equilibrium Notes & Questions (SL/HL) | RevisionDojo

IB
2.3 Competitive Market Equilibrium

IB Economics 2.3 Competitive Market Equilibrium

IB Economics Topic 2.3 Competitive Market Equilibrium (SL/HL) covers syllabus content. Use these notes, questionbank, videos, flashcards, and lessons to review the topic, practise exam questions, and move between notes, videos, flashcards, and lessons where available.

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What this topic covers

2.3.1 Demand and Supply Curves Forming a Market Equilibrium

2.3.2 Shifting Demand and Supply Curves to Produce a New Market Equilibrium

2.3.3 Functions of the Price Mechanism

2.3.4 Consumer and Producer Surplus

2.3.5 Social/Community Surplus

2.3.6 Allocative Efficiency at the Competitive Market Equilibrium

2.1 Demand

2.2 Supply

2.3 Competitive Market Equilibrium

2.4 Critique of the Maximizing Behaviour of Consumers and Producers (HL Only)

2.5 Elasticities of Demand

2.6 Elasticity of Supply

2.7 Role of Government in Microeconomics

2.8 Market Failure - Externalities, Common Pool Resources, Public Goods, Asymmetric Information

2.9 Market Failure - Public Goods

2.10 Market Failure - Asymmetric Information (HL Only)

2.11 Market Failure - Market Power (HL Only)

2.12 The Market’s Inability to Achieve Equity (HL Only)