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AQA A-level Economics 7136 - Paper 1 (Markets and market failure) - 20th May 2019

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I did this too, would this be correct though because I explained that there could be a market failure inequality of income&wealth so other policies could be more beneficial to the economy?

I think it’s correct. If you said that NMW is not good for the economy and gave alternative policies, then it sounds correct, if you also said why NMW is not good for economy.

Reply 821

keynes24

Question was the view that NMW was beneficial for an economy. I would only refer to an alternative if the question refers to “the best way to.....” You could introduce an alternative in the conclusion but most of the analysis should be on the impact of NMW in a micro context e.g. Impact on firms with a cost/revenue diagram, impact on the labour market

Original post by Hammadk1

Yeah I talked about the benefit and drawback of NMW and then gave alternative policies because you can’t talk that much about NMW as a whole topic idk?

Reply 822

keynes24

Question is not asking for alternatives. There is no specific objective (e.g reduce inequality, improve living standards....) I wouldn’t recommend doing alternatives for a question worded as economic effects of ______ . Danger of alternatives is that you could deviate from the question. There are plenty of valid analysis points to make on NMW (cost for firms, monopsony, real wage unemployment, MRP theory and productivity, real living wage vs NMW, NMW below market equilibrium). If a similar questions comes up on Paper 3 my advice is to focus on whichever policy is mentioned and only mention alternatives on the conclusion or as part of your analysis if the question refers to “the best way”

Original post by Hammadk1

Yeah but to show your breadth of knowledge you can talk about other policies which would be more beneficial to an economy because I stated there could be a market failure on inequality of income&wealth. therefore I evaluated NMW and other policies.

Reply 823

Alenko333

now when I think about it, I can't even scrape a C grade now. I ****ed up completely. Talked about supply-side policies and that in an essay that is Micro and on NMW, did not even mention monopsony and that.

For paper 2 I did bad too. Might as well forget about paper 3. need 40 in each paper to stand a chance at a C, so what's the point in even trying to get a C when i'd need 80 in paper 3