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1.8 The market mechanism, market failure and government intervention in markets

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Question 42

Extract D states that 'Breakthrough weight-loss and diabetes treatments, such as GLP-1 receptor agonists, represent a public health revolution. They act as indispensable tools to curb the global obesity epidemic and alleviate the escalating financial strain on state-funded healthcare infrastructure.'

Using the extract and your economic knowledge, assess whether market forces should be left to determine the price of breakthrough weight-loss and diabetes pharmaceuticals such as GLP-1 receptor agonists.

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Markscheme

1.8 The market mechanism, market failure and government intervention in markets Questions

  1. A Level
  2. /Economics
  3. /1.8 The market mechanism, market failure and government intervention in markets

378 exam-style questions on AQA A Level Economics 1.8 The market mechanism, market failure and government intervention in markets, covering 1.8.1 How markets and prices allocate resources, 1.8.2 The meaning of market failure, 1.8.3 Public goods, private goods and quasi-public goods, 1.8.4 Positive and negative externalities in consumption and production, 1.8.5 Merit and demerit goods, 1.8.6 Market imperfections, 1.8.7 Competition policy (A-level only), 1.8.8 Public ownership, privatisation, regulation and deregulation of markets (A-level only), 1.8.9 Government intervention in markets, and 1.8.10 Government failure. Each one has a worked solution and a mark scheme showing where the marks go.

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