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1.3 Price determination in a competitive market

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Question 132

A firm has a price elasticity of supply of +0.6 for its product. At present, the quantity supplied of this product is 500 units per month at a market price of £150 per unit. If the market price rises to £180 per unit, then the quantity supplied per month would

A

increase to 600 units.

B

increase to 560 units.

C

increase to 530 units.

D

decrease to 440 units.

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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