AS and A Level Economics: When were the revised specifications first assessed?
AS and A Level Economics: What changes have been made to the revised specifications?
AS and A Level Economics: Is there a bank of questions for the papers in relation to the revised specifications?
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AS and A Level Economics: What guidance should we be giving to students regarding the rounding of numbers to decimal places?
AS and A Level Economics: How should students label the externalities diagrams?
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AS and A Level Economics: What is a good or preferred structure to follow for essays and is there a minimum number of points to include in answer?

AS and A Level Economics: How should students label the externalities diagrams?

25 January 2023 14:52
Updated

Externality diagrams can be labelled with: MSC, MPC, MSB, MPB, MEC, MEB. It would depend also on the context of the question. For instance, if the question is about negative externalities or the difference between social and private costs, a diagram showing MSC, MPC and MSB would be appropriate. If, however, the question is about market failure caused by the existence of externalities, it would be useful to include MSC, MPC, MSB and MPB.

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