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1.3 Price determination in a competitive market

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Question 128

The price elasticity of supply of cocoa beans is

A

lower in the long run than in the short run.

B

primarily determined by the availability of close substitutes for the product.

C

affected by the volume of inventorial stocks held in storage.

D

greater when there are strict limits on the seasonal migration of agricultural workers.

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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