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1.3 Price determination in a competitive market

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Question 111

Which one of the following is the most likely determinant of the price elasticity of demand for Product Y?

A

The availability of close substitutes for Product Y

B

The cost of raw materials used to produce Product Y

C

The price elasticity of supply of Product Y

D

The total quantity of Product Y supplied to the market

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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