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1.3 Price determination in a competitive market

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Question 4

All other things being equal, when the equilibrium price of wireless headphones in a market rises from £40 to £50, the quantity demanded falls from 5 million units to 3 million units. Therefore, the value of the price elasticity of demand is

A

−1.6-1.6−1.6

B

−0.625-0.625−0.625

C

+1.6+1.6+1.6

D

+0.625+0.625+0.625

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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