ung adults purchase fewer preventative healthcare screening packages than is socially optimal due to a lack of awareness of long-term health risks.","correct":false,"markscheme":"This represents partial market failure because a market for healthcare packages exists, but information asymmetry leads to underconsumption of a merit good.","order":3}],"explanation":null,"firstAttemptFullMarks":null},{"id":"3ce2ac4d-cf50-4e38-a122-81a851e07e06","revisionId":"4f90f58a-7ee7-4ac9-9e72-3461bca7760b","questionNumber":null,"questionType":"LA","specification":"","difficulty":3,"difficultyBand":"medium","totalMarks":3,"sourceTitle":null,"calculatorUse":null,"parts":[{"id":"8e5a0221-bccf-4ec2-b06e-107adc547b43","label":null,"content":"Define the term 'minimum price' as referred to in **Extract C** (line 8).","markscheme":"- Defines a minimum price as a legally binding price floor or lower limit imposed by a government or regulatory authority, below which a good or service cannot be legally sold. B1\n- Explains that to be effective (or binding), the minimum price must be set above the free-market equilibrium price. B1\n- States that its objective is typically to support producer incomes, increase wages (e.g., minimum wage), or discourage the consumption of harmful demerit goods (e.g., minimum unit pricing on alcohol). B1","marks":3,"order":0,"markingRubric":null,"explanation":null,"options":[]}],"options":[],"explanation":null,"firstAttemptFullMarks":null},{"id":"3f29ea77-f8d3-4e0e-9554-5e3e61d28c2e","revisionId":"16239a80-b127-4445-9f1e-a8ed74ae563b","questionNumber":null,"questionType":"LA","specification":"### Extract B: The Environmental Impact of Fast Fashion\n\nThe rapid growth of the fast fashion industry has led to shorter clothing lifespans, resulting in millions of tonnes of garments ending up in landfills annually. While consumers enjoy cheap, trendy clothing, the apparel production processes generate significant **external costs** (line 6) such as toxic water pollution and high carbon emissions that are not factored into the retail price.","difficulty":3,"difficultyBand":"medium","totalMarks":3,"sourceTitle":null,"calculatorUse":null,"parts":[{"id":"d618e5cb-044d-44f9-9d7a-54ef8e10ff7e","label":null,"content":"Define the term 'external cost' as referred to in Extract B (line 6).","markscheme":"- Defines external cost as a negative spillover effect or cost suffered by a third party not involved in the consumption or production decision B1\n- Explains the relationship to private and social costs, e.g. $\\text{External Cost} = \\text{Social Cost} - \\text{Private Cost}$ or explaining that these costs are ignored by the price mechanism B1\n- Applies this to the context of Extract B, e.g. by identifying toxic water pollution or carbon emissions as the third-party damage resulting from fast fashion production B1","marks":3,"order":0,"markingRubric":null,"explanation":null,"options":[]}],"options":[],"explanation":null,"firstAttemptFullMarks":null}],"subjectCode":"a_level_economics__aqa","summaries":[{"id":"008719d9-7cb8-4a74-85a3-959bbff213e2","difficultyBand":"medium","calculatorUse":null,"totalMarks":3},{"id":"00b1cbed-e35a-4cff-8264-ce9636fa2004","difficultyBand":"medium","calculatorUse":null,"totalMarks":1},{"id":"00f0774c-2446-49a2-95ae-755a7467de0c","difficultyBand":"medium","calculatorUse":null,"totalMarks":3},{"id":"019ebe54-44ee-42d8-a771-847d16c24a5f","difficultyBand":"hard","calculatorUse":null,"totalMarks":25},{"id":"034dd7f7-98b2-4795-bd01-ec8bd88eeea9","difficultyBand":"easy","calculatorUse":null,"totalMarks":1},{"id":"04258e29-47d8-4d44-b0d8-bf29218b415c","difficultyBand":"hard","calculatorUse":null,"totalMarks":25},{"id":"0430d4a3-f4f6-439c-a5fb-e5a3f38db5bd","difficultyBand":"medium","calculatorUse":null,"totalMarks":3},{"id":"04598d94-4395-48f9-bcc7-c08494f66ce3","difficultyBand":"easy","calculatorUse":null,"totalMarks":1},{"id":"04dd70bc-a4f8-4ae0-98d2-4f6bb41587f1","difficultyBand":"easy","calculatorUse":null,"totalMarks":

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

Question 20

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

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

Question 20

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