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1.3 Price determination in a competitive market

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Question 112

The income elasticity of demand for budget supermarket-brand cola is -1.5.

This means that budget supermarket-brand cola

A

is a normal good.

B

is an inferior good.

C

has an income inelastic demand.

D

is a complementary good.

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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