The price of lithium surged by over 120% over a 12-month period as a result of rapidly growing global demand from electric vehicle manufacturers. Such a development in the lithium market could be shown on a demand and supply diagram by:
a movement along the demand curve to the left
a movement along the demand curve to the right
a shift of the demand curve to the right
a shift of the demand curve to the left
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.