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This section covers the following syllabus content
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Section 2: Microeconomics
2.1 Demand
2.2 Supply
2.3 Competitive market equilibrium
2.4 Critique of the maximizing behaviour of consumers and producers
Section 2: Microeconomics
2.5 Elasticities of demand
2.6 Elasticity of supply
Section 2: Microeconomics
2.7 Role of government in microeconomics
Section 2: Microeconomics
2.8 Market failure—externalities and common pool/
common access resources
2.9 Market failure—public goods
Section 2: Microeconomics (HL Extensions)
2.10 Market failure—asymmetric information (HL only)
2.11 Market failure—market power (HL only)
2.12 The market’s inability to achieve equity (HL only)
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