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1.3 Price determination in a competitive market

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Question 40

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

decrease by 4%4\%4%.

increase by 4%4\%4%.

decrease by 25%25\%25%.

increase by 25%25\%25%.

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market