The table below shows the world prices (/tonne/\text{tonne}/tonne) of various industrial metals for a two-year period.
| Metal | Year 1 ($) | Year 2 ($) |
|---|---|---|
| Copper | 6,000 | 7,800 |
| Nickel | 15,000 | 19,500 |
| Zinc | 2,400 | 3,000 |
| Lead | 2,000 | 2,200 |
Which one of the following is supported by the data?
The total revenue of copper producers will have decreased between Year 1 and Year 2 if the demand for copper is price inelastic.
The trend in the price of nickel between Years 1 and 2 will encourage producers of nickel to reduce their capacity.
The price elasticity of demand is lowest for lead.
Total revenue from the sale of zinc will have decreased between Years 1 and 2 if the demand for zinc is price elastic.
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.