[Date] Pearson Edexcel
GCE AS Level In
Economics A
(8EC0) Paper 01
Introduction to Markets and
Market Failure
[Author name]
[COMPANY NAME]
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Centre Candidate
Number Number
Pearson Edexcel Level 3
GCE
Monday 15 May 2023
Morning (Time: 1 hour 30
minutes)
referenc
e
8EC0/01
Economics A
Advanced Subsidiary
PAPER 1: Introduction to Markets and Market
Failure
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materials. Marks
Instructions
•• Use black ink or ball-point pen.
Fill in the boxes at the top of this page with your
centre number and candidate number.
• There are two sections in this question paper.
• Answer
name,
•• InAnswer
all questions in Section
Section B, answer all of questions 6(a) to 6(e) and one question from 6(f)
or the questions in the spaces
A. 6(g). – there may be more space than you need.
Information
provided
•• The total mark for this paper is 80.
The marks for each question are shown in
• Calculators
– use this as a guide as to how much time to spend on each question.
may be used.
brackets
Advice
•• Read each question carefully before you start to answer it.
Check your answers if you have time at the
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, SECTION A
Answer ALL questions. Write your answers in the spaces provided.
AREA
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Some questions must be answered with a cross in a box . If you
change your mind about an answer, put a line through the box and
then mark your new answer with a cross .
You are advised to spend 25 minutes on this section.
Use the data to support your answers where relevant. You may annotate and
include diagrams in your answers.
1 In 2021, energy regulator Ofgem announced that the maximum price of
energy will rise from £ 1 277 to £ 1 971 a year, for the average household bill.
(Source: adapted from https://www.moneysavingexpert.com/
utilities/what-is-the-energy-price-cap/)
(a) Which one of the following is the percentage increase in the maximum
price to the average household bill?
(1)
AREA
DO NOT WRITE IN THIS
A 35 %
B 45 %
C 54 %
D 694 %
(b) Annotate the diagram below to show the original and new maximum
price in this market.
(2)
Average annual household bill (£)
S AREA
DO NOT WRITE IN THIS
(Total for Question 1 = 4 marks)
DO NOT WRITE IN THIS
AREA
DO NOT WRITE IN THIS
AREA
3
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