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1.3 Price determination in a competitive market

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Question 14

A product has a price elasticity of demand of -2.5. If the price of this product decreases by 10%, then total revenue will

A

rise by more than 10%.

B

rise by less than 10%.

C

fall by more than 10%.

D

fall by less than 10%.

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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