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1.3 Price determination in a competitive market

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Question 34

Which of the following best describes composite demand?

A

A single good is demanded for multiple, distinct uses.

B

The demand for a production input relies entirely on the demand for the final output.

C

Current consumer willingness to buy is fully backed by the financial ability to pay.

D

Two complementary goods are purchased together to satisfy a single consumer need.

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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