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1.3 Price determination in a competitive market

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Question 27

A manufacturer has a price elasticity of supply of +2.5 for its product. If the market price of the product increases from £20.00 to £22.00, the quantity supplied will

A

decrease by 4%4\%4%.

B

increase by 4%4\%4%.

C

decrease by 25%25\%25%.

D

increase by 25%25\%25%.

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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