The table below shows the quantities of biodegradable phone cases that would be demanded and supplied at different prices per day.
| Price per case | Quantity demanded per day | Quantity supplied per day |
|---|---|---|
| £10.00 | 700 | 380 |
| £12.00 | 600 | 440 |
| £14.00 | 500 | 500 |
| £16.00 | 400 | 560 |
| £18.00 | 300 | 620 |
Following an increase in the cost of raw biopolymers, supply falls by 160 phone cases at all prices. The new equilibrium price would be
£12.00
£14.00
£16.00
£18.00
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.