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1.3 Price determination in a competitive market

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Question 91

The price elasticity of demand (PED) for domestic heating oil used by households in a rural region is estimated to be -0.15.

Which one of the following is the most likely reason for this low PED?

A

Carbon taxes applied to fuel oil imports

B

Widespread availability of alternative biomass heating systems

C

Lack of mains gas infrastructure in the region

D

Declining regional disposable incomes

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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