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1.3 Price determination in a competitive market

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Question 119

A factor of production or intermediate good is in derived demand when

A

the demand for it arises as a consequence of the demand for the final good or service it helps to produce.

B

it is demanded for two or more separate and independent uses.

C

consumers purchase it jointly with an essential complementary product.

D

its demand increases following a decline in real consumer incomes.

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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