The equilibrium market price of a normal good decreases. The transition to the new equilibrium at this lower price would most likely result from
a rise in the real incomes of consumers.
a successful advertising campaign for the product.
excess supply at the original price.
an increase in the rate of indirect tax on the product.
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.