Individuals, firms, markets and market failure exam tips

Exam tips

• Show Your Working in Calculations

  Always show your calculations when determining average and marginal revenue.

  This demonstrates your understanding of the concepts and can earn you partial credit even if the final answer is incorrect.

• Show all workings in calculations

  Always show your calculations step-by-step to gain partial credit even if the final answer is incorrect.

  This demonstrates your understanding of the process and can help you earn marks for correct methodology.

• Use real-world examples

  In your evaluations, incorporate real-world examples of technological change to support your arguments.

  Using examples can strengthen your analysis and demonstrate your understanding of the impact of technology on firms and markets.

• Use Diagrams Effectively

  In your answers, include diagrams to illustrate market structures and their effects on price and output.

  Diagrams can help clarify your points and demonstrate your understanding of economic concepts visually.

• Use Diagrams to Illustrate Concepts

  When explaining market structures or firm objectives, use diagrams to support your arguments.

  Visual aids can clarify complex concepts and demonstrate your understanding of economic principles.

• Use Diagrams Effectively

  Always include diagrams in your answers where applicable, as they can help illustrate your points and demonstrate your understanding.

  Diagrams can clarify complex concepts and are often required for full marks in economics assessments.

• Use diagrams effectively

  Always include diagrams in your answers when discussing market structures, as they can help illustrate your points clearly.

  Diagrams can enhance your explanation and demonstrate your understanding of the concepts, which is crucial for higher marks.

• Use diagrams effectively

  In questions requiring explanations of models like the kinked demand curve, always include a well-labeled diagram.

  Diagrams can enhance your answer by visually representing concepts, making it easier for examiners to understand your explanation.

• Use diagrams effectively

  Always include diagrams in your answers where applicable, as they can illustrate your points clearly.

  Diagrams can help convey complex concepts visually, making your argument more persuasive and easier to understand.

• Use diagrams to illustrate concepts

  When explaining price discrimination, use diagrams to show how consumer surplus is affected.

  Visual aids can help clarify the differences between types of price discrimination and their impact on market outcomes.