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1.3 Price determination in a competitive market

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Question 51

The price elasticity of demand for a service provided by a firm is -1.5. If the firm raises the price of this service, its total revenue will

A

fall.

B

stay the same.

C

rise by more than 15 per cent.

D

rise by less than 15 per cent.

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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