Mark scheme Q5 unit 2.11
This exam style question is from the HL section of the syllabus. This question was probably better illustrated by the 'kinked' demand curve which is no longer part of the syllabus but responses can also use a PED inelastic market to illustrate the answer. In part (b) responses will need to differentiate between the impact on different stakeholders of collusive v non-conclusive markets as well as between industries...