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1.3 Price determination in a competitive market

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Question 90

Income elasticity of demand is defined as the

A

responsiveness of consumer income to a change in the demand for a good.

B

responsiveness of demand for a good to a change in consumer income.

C

responsiveness of the price of a good to a change in consumer income.

D

responsiveness of demand for a good to a change in the price of that good.

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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