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1.3 Price determination in a competitive market

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Question 7

All other things being equal, the upward slope of the supply curve is due to

A

the existence of a monopoly in the industry.

B

higher prices providing a profit incentive for firms to expand production.

C

the elasticity of supply exceeding the elasticity of demand for electric bicycles.

D

higher prices providing an incentive for firms to increase their productive efficiency.

Markscheme

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market

256 exam-style questions on AQA A Level Economics 1.3 Price determination in a competitive market, covering 1.3.1 The determinants of the demand for goods and services, 1.3.2 Price, income and cross elasticities of demand, 1.3.3 The determinants of the supply of goods and services, 1.3.4 Price elasticity of supply, 1.3.5 The determination of equilibrium market prices, and 1.3.6 The interrelationship between markets. Each one has a worked solution and a mark scheme showing where the marks go.

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