The table below shows the average world market prices of selected agricultural grains (in US dollars per tonne) over a two-year period.
| Grain | Year 1 | Year 2 |
|---|---|---|
| Wheat | 120 | 180 |
| Barley | 100 | 150 |
| Maize | 80 | 100 |
| Oats | 150 | 190 |
Which one of the following is supported by the data?
The earnings of wheat growers will have increased between Year 1 and Year 2 if the demand for wheat is price elastic.
The trend in the price of barley between Year 1 and Year 2 is likely to discourage barley growers from increasing output.
The price elasticity of demand is highest for maize.
Total revenue from the sale of oats will have fallen between Year 1 and Year 2 if the demand for oats is price elastic.
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.