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1.3 Price determination in a competitive market

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Question 102

The cross elasticity of demand for game consoles is -0.8 with respect to the price of virtual reality headsets. If the price of virtual reality headsets increases by 15%, the demand for game consoles will:

A

rise by 12%12\%12%.

B

fall by 12%12\%12%.

C

rise by 18.75%18.75\%18.75%.

D

fall by 18.75%18.75\%18.75%.

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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