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1.3 Price determination in a competitive market

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Question 99

The price elasticity of supply of a good is more likely to be low if

A

the factors of production used to make it are highly specialized.

B

the good is considered a luxury rather than a necessity by consumers.

C

there are no close substitutes available in the market.

D

firms hold large quantities of inventory and spare stocks of the product.

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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