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1.3 Price determination in a competitive market

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Question 3

Which one of the following is the most likely determinant of the price elasticity of supply of a good?

A

The availability of close consumer substitutes for the good

B

The ease with which factors of production can be reallocated to its manufacture

C

The proportion of household income spent on purchasing the good

D

The degree of brand loyalty associated with the good

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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