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1.3 Price determination in a competitive market

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Question 140

A market-clearing price is defined as the price at which:

A

total consumer utility is equal to producer surplus.

B

the quantity demanded by consumers is exactly equal to the quantity supplied by producers.

C

firms are earning abnormal profits in the long run.

D

average costs of production are minimized.

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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