Evaluate possible methods of government intervention to control household energy bills in the UK
Edexcel A-Level Economics 25 Mark Essay Plan
The average UK household energy bill (gas and electric combined) rose 80% from £1971 in 2021 to £3549 in 2022. Evaluate possible methods of government intervention to control household energy bills in the UK. (June 2023)
Paragraph 1
- Argument: one method to control energy bills is a price control
- Diagram:
- Evaluation: effects on dynamic efficiency are dependent on the type of price control e.g. RPI+k or RPI-k
Paragraph 2
- Argument: another method to control energy bills is deregulation
- Diagram: decrease in AR and MR for the market leader, lower prices
- Evaluation: this only reduces legal barriers to entry but not others e.g. sunk costs, limit pricing, economies of scale
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