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1.3 Price determination in a competitive market

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Question 16

Table 1 shows the average monthly private rent (£) in England between 2011 and 2021.

Table 1: Average Monthly Private Rent (£) in England (2011–2021)

YearAverage Monthly Rent (£)
2011680
2013720
2015800
2017860
2019910
2021960

Explain the likely causes of the changes in average private monthly rents in England that have taken place between 2011 and 2021.

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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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