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1.3 Price determination in a competitive market

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Question 146

A regional transit authority decides to raise the price of its monthly bus passes.

Which one of the following price elasticities of demand for monthly bus passes will result in the largest increase in the authority's total revenue?

A

−0.3-0.3−0.3

B

−0.7-0.7−0.7

C

−1.0-1.0−1.0

D

−1.5-1.5−1.5

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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