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1.3 Price determination in a competitive market

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Question 89

The supply of a product is more likely to be price inelastic in the short run if:

A

there is a high level of spare capacity within the production facilities.

B

the production process requires highly specialized, scarce machinery.

C

finished stocks of the product can be easily and cheaply stored.

D

the time taken to manufacture the good is extremely short.

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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