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1.3 Price determination in a competitive market

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Question 138

The market for lithium is no longer in equilibrium due to a sudden increase in demand for lithium.

This is most likely to lead to:

A

a fall in the price of lithium and a leftward shift of the supply curve.

B

a fall in the price of lithium and a movement along the supply curve to the left.

C

a rise in the price of lithium and a movement along the supply curve to the right.

D

a rise in the price of lithium and a rightward shift of the supply curve.

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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