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1.3 Price determination in a competitive market

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Question 101

If demand for a service is unit elastic (where the price elasticity of demand is -1), for a given percentage decrease in price, total consumer expenditure on the service will

A

fall by the same percentage.

B

rise by the same percentage.

C

remain unchanged.

D

fall by a smaller percentage.

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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