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  • Market structures, welfare economics

Click to read the article below and then answer the questions:

Profit motive to return to British rail network as part of long-awaited shake-up

  • Distinguish between nationalisation and privatisation

  • Following privatisation in 1993, most passenger rail services were run by privately owned train operating companies (TOCs) under multiyear franchises. Using a diagram, analyse the difficulties associated with introducing competition into the railway industry

  • Define consumer surplus

  • Evaluate whether a dynamic pricing model is fair to consumers

Gavin Clarke, Emmanuel College

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