Demonstrate understanding of the efficiency of market equilibrium

What this standard covers

• Market equilibrium, and how market forces restore it
• Consumer surplus, producer surplus and total surplus
• Allocative efficiency and deadweight loss
• Government changes to equilibrium: taxes, subsidies, price controls, quotas
• Internationally traded goods where New Zealand is a price taker, and tariffs

Past exam papers

The three most recent years. Every link opens on the NZQA website.