Attempted Mark scheme:
cba to do multiple choice tbh
Context 1:
( 3 marks ) - misallocation of resources as a result of an attempt by a government to correct market failure....
( 4 marks ) - calculation = 1751 or 1750 ( not sure if you round or not )
( 4 marks ) - Two points of comparison:
populus increased overall whereas houses built didnt.
populus had higher peak
populus range was bigger
+ any others
( 4 mark ) - maximum price
below equilibrium, arrows to show contraction and extension, labelled curves and axis
( 10 mark ) - Perfect comp
no barriers
infinite suppliers met by demand
equal information
price takers
small market share
identical products
+ im sure there are other, generally explain idea that there is no power and acts off rational decisions.
( 25 mark ) - Housing and gov intervention
General Structure ( wasnt sure at first ) :
intro ( why we should or shouldnt ) ( housing is near enough a neccessity )
3 or more points : Why the intervention is neccessary how it work
Evaluation ( diagram )
Failure
Relevant point :
Supplying info to consumers
subsidies
maximum prices
investment ( increase of supply to meet demand )
encourage building ( rewards and incentive for producers )
collective housing ( living with friends )
less restriction on no housing areas.
Didnt to context 2 sorry. Tough exam though i thought.