IB Economics: Markscheme

This markscheme provides students with guidance for what can be included in their answers and is not a model answer.Answer the following questionsa. (i) Define the term demand. (Text A, paragraph 2) [2]Demand is the willingness and ability of consumers to pay a sum of money for a good of service at a given point in time and price level.(ii) Explain how the income and substitution effects lead to a rise in the quantity...

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