Ocr economics f581 (16/05) and/or f582 (23/05) retakes

Regulations or POLLUTION permits
Is concentrate on these two mostly but also go over ether possible one cause OCR could be sneaky lmao

I was told by my teacher that regulation predominantly should be considered to be a maximum amount of good x that people can consume such that the diagram would have a vertical line at the social equilibrium forcing people to consume that. Would this be valid to write in the exam?

That sounds like a quota to me. Regulations could be age restriction on the sale of an item, forcing manufacturers to provide more information, legislations that increase cost of production.

Thanks for the response. Yeah, so to clarify, would that legislation increasing cost of product shift supply to the left, and providing more information would shift demand according to whether or not the information provided increased or decrease demand overall fixing market failure?

How do I do the positive externalities diagram with the D/S curves (not msb ones)

Can you state that banning the whole sector comes under Regulation?

I seem to struggle more on section A and do well in the essay. Any advice for section A?


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