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1.3 Price determination in a competitive market

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Question 11

Table 1

Price of Good P (£)Quantity demanded of Good PQuantity demanded of Good Q
2010040
1812032

Refer to Table 1. When the price of Good P falls from £20 to £18, the cross elasticity of demand for Good Q with respect to the price of Good P is

A

+2+2+2

B

−2-2−2

C

+0.5+0.5+0.5

D

−0.5-0.5−0.5

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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