Sample 3
This is the third sample for this question, on microeconomics. The question and markscheme can be purchased at the IBO store, available at: Follett. A reminder that this question is q1 from paper one in May 2016, timezone 1. A direct tax is applied to wages for instance, but an indirect tax is applied to products. Price elasticity of demand is the responsiveness of demand to a specific change in price, ceteris...