AS Paper 1, June 2023Introduction to Markets and Market Failure

AS Paper 1, June 2023, Q1(b)

Annotate the diagram below to show the original and new maximum price in this market.

Short answerAnnotate2 marks

Context

In 2021, energy regulator Ofgem announced that the maximum price of energy will rise from £1277 to £ 1971 a year, for the average household bill.

Original diagram required. See the original question paper for the diagram.

Specification topics

Government intervention in markets

Revision notes

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