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1.3 Price determination in a competitive market

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Question 50

In a competitive market, a state of equilibrium is achieved when

A

planned demand equals planned supply and there is no tendency for the price to change.

B

the price elasticity of demand is equal to the price elasticity of supply.

C

all producing firms in the market are successfully maximising their profits.

D

consumer surplus is equal to producer surplus.

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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