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Output rising means the market quantity traded has increased."}]},{"id":"7e83a8b4-c0f5-4fdd-bba6-d60d30b43f53","cardType":"basic","points":1,"front":"In a freely competitive market, what mainly determines price and output?","back":"Demand and supply, not government controls.","mcqOptions":[{"text":"Demand and supply, not government controls.","correct":true,"explanation":"In a freely competitive market, the interaction of demand and supply determines the equilibrium price and quantity, without direct government controls setting them."},{"text":"Government controls, not demand and supply.","correct":false,"explanation":"This reverses the definition of a freely competitive market. Demand and supply determine price and output, whereas government controls would interfere with that market process."},{"text":"Production costs, not demand and supply.","correct":false,"explanation":"Production costs mainly influence supply, but they do not determine equilibrium alone. Equilibrium price and output result from the interaction of demand and supply."},{"text":"Consumer preferences, not demand and supply.","correct":false,"explanation":"Consumer preferences can affect demand, but they are only one determinant of it. The market outcome is determined by demand and supply together."}]},{"id":"6ada74c3-ef9c-4b18-98ee-ed7201ebcac1","cardType":"cloze","points":null,"front":"Demand is the quantity consumers are [ ] to buy at different prices over a [ ].","back":"Demand is the quantity consumers are willing and able to buy at different prices over a given period of time.","mcqOptions":[{"text":"Demand is the quantity consumers are willing and able to buy at different prices over a given period of time.","correct":true,"explanation":"Demand requires both the desire and the purchasing power to buy, measured at different prices during a specified period of time."},{"text":"Demand is the quantity consumers are able but unwilling to buy at different prices over a given period of time.","correct":false,"explanation":"Ability to pay alone is insufficient because demand also requires willingness to purchase. The correct definition is consumers being willing and able over a given period of time."},{"text":"Demand is the quantity consumers are willing and able to buy at different prices over a single transaction.","correct":false,"explanation":"Demand is measured over a period, allowing quantities at different prices to be compared. A single transaction does not express the standard economic definition."},{"text":"Demand is the quantity consumers are unwilling but able to buy at different prices over a given period of time.","correct":false,"explanation":"Consumers must be willing as well as able to buy for their intentions to count as demand. 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Lower prices make goods more affordable, raising quantity demanded."}]},{"id":"842f0ad0-e5b8-4575-af27-6313c6fa67ea","cardType":"cloze","points":null,"front":"Supply is the quantity producers are [ ] to sell at different prices over a [ ].","back":"Supply is the quantity producers are willing and able to sell at different prices over a given period of time.","mcqOptions":[{"text":"Supply is the quantity producers are willing and able to sell at different prices over a given period of time.","correct":true,"explanation":"Supply measures how much producers are both prepared and capable of offering for sale, at different prices, during a specified period."},{"text":"Supply is the quantity producers are able but unwilling to sell at different prices over a given period of time.","correct":false,"explanation":"Producers must be willing as well as able to offer goods for sale. The standard definition therefore uses willing and able over a given period of time."},{"text":"Supply is the quantity producers are willing and able to sell at different prices over a single transaction.","correct":false,"explanation":"Supply is measured over a period of time, not just one transaction. This allows the quantity offered at different prices to be described properly."},{"text":"Supply is the quantity producers are unwilling but able to sell at different prices over a given period of time.","correct":false,"explanation":"A producer’s ability without willingness does not constitute supply. Supply requires producers to be willing and able to sell during the period."}]},{"id":"3460eb46-b4f7-4fd2-907b-38d8d49a6b85","cardType":"basic","points":2,"front":"Why does the supply curve usually slope upwards?","back":"Higher prices create a profit incentive to sell more.","mcqOptions":[{"text":"Higher prices create a profit incentive to sell more.","correct":true,"explanation":"Higher prices can increase the potential profit from production, encouraging firms to offer a greater quantity for sale and producing the usual upward-sloping supply curve."},{"text":"Higher prices create a cost incentive to sell less.","correct":false,"explanation":"Higher prices can increase potential revenue and profit rather than directly creating an incentive to sell less. The usual explanation is a profit incentive to sell more."},{"text":"Lower prices create a profit incentive to sell more.","correct":false,"explanation":"Lower prices usually reduce the revenue and potential profit per unit, weakening the incentive to supply more. Higher prices create the profit incentive."},{"text":"Higher prices create a consumer incentive to sell more.","correct":false,"explanation":"Consumers buy goods, while producers decide how much to supply. Higher prices create a profit incentive for producers to sell more, not a consumer incentive."}]},{"id":"98a7eff3-4608-425a-96a0-0c1aac2952c1","cardType":"cloze","points":null,"front":"A demand or supply curve shows how quantity changes when the product's [ ] changes, assuming [ ].","back":"A demand or supply curve shows how quantity changes when the product's own price changes, assuming other factors stay constant.","mcqOptions":[{"text":"A demand or supply curve shows how quantity changes when the product's own price changes, assuming other factors stay constant.","correct":true,"explanation":"A curve isolates the relationship between quantity and the product’s own price. Holding other determinants constant prevents changes in them from shifting the curve."},{"text":"A demand or supply curve shows how quantity changes when the product's income changes, assuming other factors stay constant.","correct":false,"explanation":"Income is a non-price determinant of demand and can shift the demand curve. Movement along a curve is caused by a change in the product’s own price."},{"text":"A demand or supply curve shows how quantity changes when the product's own price changes, assuming all prices change together.","correct":false,"explanation":"If all prices change together, other conditions are not being held constant, so the curve relationship cannot be isolated. The assumption is that other factors stay constant."},{"text":"A demand or supply curve shows how quantity changes when the product's competitors’ prices change, assuming other factors stay constant.","correct":false,"explanation":"Competitors’ prices are a non-price determinant affecting demand and potentially shifting its curve. The curve itself shows changes caused by the product’s own price."}]},{"id":"99d501c1-4b7b-4720-aaa5-ff09bb8b68dc","cardType":"cloze","points":null,"front":"A movement along a curve happens when the product's [ ] changes; a shift happens when a [ ] changes conditions at every price.","back":"A movement along a curve happens when the product's own price changes; a shift happens when a non-price factor changes conditions at every price.","mcqOptions":[{"text":"A movement along a curve happens when the product's own price changes; a shift happens when a non-price factor changes conditions at every price.","correct":true,"explanation":"A change in the product’s own price changes quantity demanded or supplied along the existing curve. A non-price determinant changes the whole relationship, shifting the curve."},{"text":"A movement along a curve happens when the product's non-price factor changes; a shift happens when a own price changes conditions at every price.","correct":false,"explanation":"This reverses the two definitions. Own-price changes cause movements along a curve, while changes in non-price factors shift the curve at every price."},{"text":"A movement along a curve happens when the product's own price changes; a shift happens when a non-price factor changes conditions at one quantity.","correct":false,"explanation":"A shift changes the relationship between price and quantity across the curve, not at just one quantity. Non-price factors alter conditions at every price."},{"text":"A movement along a curve happens when the product's quantity changes; a shift happens when a price factor changes conditions at every price.","correct":false,"explanation":"Quantity changes describe the result, not the independent cause of movement along a curve. Own-price changes cause movements, while non-price factors cause shifts."}]},{"id":"42156464-3e3d-43a7-9bc4-958953e8d750","cardType":"basic","points":1,"front":"A health campaign makes fruit more popular at every price. What happens to demand?","back":"Demand shifts right.","mcqOptions":[{"text":"Demand shifts right.","correct":true,"explanation":"Greater popularity increases consumers’ willingness to buy fruit at every price. This non-price determinant therefore shifts the entire demand curve to the right."},{"text":"Demand shifts left.","correct":false,"explanation":"A leftward shift would mean consumers want less fruit at every price. Greater popularity raises willingness to buy, so demand shifts right."},{"text":"Demand contracts.","correct":false,"explanation":"A contraction is movement along the demand curve following a price rise. The campaign changes preferences rather than price, so demand shifts right."},{"text":"Demand does not change.","correct":false,"explanation":"Consumer preferences are a determinant of demand. By making fruit more popular at every price, the campaign causes demand to shift right."}]},{"id":"65735bed-ae9a-4392-b492-d4543e6225c6","cardType":"basic","points":1,"front":"Fertiliser and energy costs rise for farms. 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Surplus: quantity supplied exceeds quantity demanded.
Downward pressure: firms may cut prices.

","mcqOptions":[{"text":"

Surplus: quantity supplied exceeds quantity demanded.
Downward pressure: firms may cut prices.

","correct":true,"explanation":"Above equilibrium, producers offer more than consumers wish to buy. Unsold stock encourages competing firms to lower prices, moving the market back towards equilibrium."},{"text":"

Shortage: quantity demanded exceeds quantity supplied.
Upward pressure: buyers may bid up prices.

","correct":false,"explanation":"This reverses the effect of being above equilibrium and instead describes a price below equilibrium. Above equilibrium there is a surplus and downward price pressure."},{"text":"

Surplus: quantity supplied exceeds quantity demanded.
Upward pressure: firms may raise prices.

","correct":false,"explanation":"The surplus is identified correctly, but excess unsold output does not encourage price rises. Firms may cut prices, creating downward pressure towards equilibrium."},{"text":"

Shortage: quantity demanded exceeds quantity supplied.
Downward pressure: firms may cut prices.

","correct":false,"explanation":"Downward pressure is associated with excess supply, not a shortage. Above equilibrium, quantity supplied exceeds quantity demanded, creating a surplus that prompts price cuts."}]},{"id":"f9f3ed81-128e-4f7f-ad55-c4221512f80c","cardType":"basic","points":2,"front":"If market price is below equilibrium, what imbalance and price pressure result?","back":"

Shortage: quantity demanded exceeds quantity supplied.
Upward pressure: buyers compete for limited goods.

","mcqOptions":[{"text":"

Shortage: quantity demanded exceeds quantity supplied.
Upward pressure: buyers compete for limited goods.

","correct":true,"explanation":"Below equilibrium, consumers want more than firms offer. Competition among buyers for scarce output creates upward price pressure, moving the market towards equilibrium."},{"text":"

Surplus: quantity supplied exceeds quantity demanded.
Downward pressure: firms compete for limited buyers.

","correct":false,"explanation":"This describes a market price above equilibrium. Below equilibrium, quantity demanded exceeds quantity supplied, producing a shortage and upward pressure on price."},{"text":"

Shortage: quantity demanded exceeds quantity supplied.
Downward pressure: buyers demand lower prices.

","correct":false,"explanation":"The shortage is identified correctly, but scarce goods strengthen sellers’ position rather than producing downward pressure. Competition among buyers pushes the price upwards."},{"text":"

Surplus: quantity supplied exceeds quantity demanded.
Upward pressure: buyers compete for limited goods.

","correct":false,"explanation":"Competition for limited goods indicates excess demand, not excess supply. Below equilibrium there is a shortage because quantity demanded exceeds quantity supplied."}]},{"id":"12da9c04-ef87-4ea9-bc60-49cb50142142","cardType":"basic","points":2,"front":"For $Q_d=900-100P$ and $Q_s=100+100P$, what is the equilibrium price and quantity?","back":"

Price: £4.
Quantity: 500 units per day.

","mcqOptions":[{"text":"

Price: £4.
Quantity: 500 units per day.

","correct":true,"explanation":"Setting demand equal to supply gives $900-100P=100+100P$, so $P=4$. Substitution into either equation then gives an equilibrium quantity of 500."},{"text":"

Price: £8.
Quantity: 100 units per day.

","correct":false,"explanation":"Dividing the 800-unit intercept gap by one slope instead of the combined 200 slope gives £8. At that price, demand and supply are not equal."},{"text":"

Price: £4.
Quantity: 400 units per day.

","correct":false,"explanation":"The equilibrium price is correct, but the supply intercept has been omitted when calculating quantity. At £4, $Q_s=100+400=500$, matching demand."},{"text":"

Price: £4.50.
Quantity: 450 units per day.

","correct":false,"explanation":"This results from omitting the supply intercept and solving $900-100P=100P$. Including the extra 100 gives an equilibrium price of £4 and quantity of 500."}]},{"id":"17524832-8aab-44da-a92c-c4ade31bfaab","cardType":"basic","points":2,"front":"At $P=£3$ in that market, what shortage occurs and what price pressure follows?","back":"

Shortage: 200 units per day.
Pressure: price rises.

","mcqOptions":[{"text":"

Shortage: 200 units per day.
Pressure: price rises.

","correct":true,"explanation":"At £3, quantity demanded is 600 and quantity supplied is 400. Excess demand is therefore 200 units, causing buyers to bid the price upwards."},{"text":"

Surplus: 200 units per day.
Pressure: price falls.

","correct":false,"explanation":"This reverses demand and supply. At £3, demand is 600 while supply is 400, so there is a 200-unit shortage and price rises."},{"text":"

Shortage: 100 units per day.
Pressure: price rises.

","correct":false,"explanation":"The direction of pressure is right, but the shortage is understated. Subtracting supply of 400 from demand of 600 gives 200 units per day."},{"text":"

Shortage: 200 units per day.
Pressure: price falls.

","correct":false,"explanation":"The shortage calculation is correct, but excess demand causes upward rather than downward pressure. Buyers competing for limited output push the market price higher."}]},{"id":"3492f2e1-0060-4c8a-ab37-b5d6bf7f285c","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a rightward demand shift?","back":"

Price rises.
Quantity rises.

","mcqOptions":[{"text":"

Price rises.
Quantity rises.

","correct":true,"explanation":"A rightward demand shift creates excess demand at the original price. The movement along the supply curve establishes a new equilibrium with higher price and quantity."},{"text":"

Price falls.
Quantity falls.

","correct":false,"explanation":"Both outcomes would normally follow a leftward demand shift. A rightward shift creates excess demand, raising equilibrium price and equilibrium quantity."},{"text":"

Price rises.
Quantity falls.

","correct":false,"explanation":"This combination is associated with a leftward supply shift, not greater demand. A rightward demand shift raises both equilibrium price and equilibrium quantity."},{"text":"

Price falls.
Quantity rises.

","correct":false,"explanation":"This combination is associated with a rightward supply shift. Increased demand instead creates excess demand at the original price, so both price and quantity rise."}]},{"id":"b910c171-59db-424c-945e-192e29999292","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a leftward demand shift?","back":"

Price falls.
Quantity falls.

","mcqOptions":[{"text":"

Price falls.
Quantity falls.

","correct":true,"explanation":"A leftward demand shift reduces demand at every price. With supply unchanged, the new market equilibrium therefore has both a lower price and a lower quantity traded."},{"text":"

Price rises.
Quantity rises.

","correct":false,"explanation":"Both price and quantity rise after a rightward demand shift, not a leftward one. Lower demand creates downward pressure on price and reduces equilibrium quantity."},{"text":"

Price rises.
Quantity falls.

","correct":false,"explanation":"A higher price alongside lower quantity results from a leftward supply shift. A leftward demand shift instead lowers both equilibrium price and equilibrium quantity."},{"text":"

Price falls.
Quantity rises.

","correct":false,"explanation":"A lower price alongside higher quantity results from a rightward supply shift. When demand shifts left, reduced willingness to buy lowers both price and quantity."}]},{"id":"b36159aa-ab95-4948-8c1f-9f3d27b2f577","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a rightward supply shift?","back":"

Price falls.
Quantity rises.

","mcqOptions":[{"text":"

Price falls.
Quantity rises.

","correct":true,"explanation":"A rightward supply shift means more is supplied at every price. With demand unchanged, competition among suppliers lowers equilibrium price while equilibrium quantity rises."},{"text":"

Price rises.
Quantity rises.

","correct":false,"explanation":"Both price and quantity rise after a rightward demand shift, not a rightward supply shift. Increased supply lowers the equilibrium price while raising quantity."},{"text":"

Price rises.
Quantity falls.

","correct":false,"explanation":"A higher price and lower quantity follow a leftward supply shift. A rightward supply shift has the opposite effects: price falls and quantity rises."},{"text":"

Price falls.
Quantity falls.

","correct":false,"explanation":"A fall in both price and quantity is caused by a leftward demand shift. Greater supply lowers price but increases, rather than decreases, equilibrium quantity."}]},{"id":"48bec95e-ace2-4a13-9efc-2ad71bbb439e","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a leftward supply shift?","back":"

Price rises.
Quantity falls.

","mcqOptions":[{"text":"

Price rises.
Quantity falls.

","correct":true,"explanation":"A leftward supply shift means less is supplied at every price. With demand unchanged, the resulting scarcity raises equilibrium price and lowers equilibrium quantity."},{"text":"

Price falls.
Quantity rises.

","correct":false,"explanation":"A fall in price and rise in quantity result from a rightward supply shift. When supply shifts left, increased scarcity raises price and reduces quantity."},{"text":"

Price rises.
Quantity rises.

","correct":false,"explanation":"Both price and quantity rise after a rightward demand shift, not a leftward supply shift. Reduced supply raises price but lowers the quantity traded."},{"text":"

Price falls.
Quantity falls.

","correct":false,"explanation":"Both price and quantity fall after a leftward demand shift. A leftward supply shift instead raises price because goods become scarcer, while quantity falls."}]},{"id":"1c80faaa-2924-4f58-b619-ac645a0c3566","cardType":"cloze","points":null,"front":"When demand and supply both rise, [ ]; when demand and supply both fall, [ ]. In both cases, price is uncertain.","back":"When demand and supply both rise, quantity rises; when demand and supply both fall, quantity falls. In both cases, price is uncertain.","mcqOptions":[{"text":"When demand and supply both rise, quantity rises; when demand and supply both fall, quantity falls. In both cases, price is uncertain.","correct":true,"explanation":"Higher demand and higher supply both increase equilibrium quantity, while lower demand and lower supply both reduce it. Their opposing effects on price make price uncertain."},{"text":"When demand and supply both rise, quantity falls; when demand and supply both fall, quantity falls. In both cases, price is uncertain.","correct":false,"explanation":"When both curves shift right, their effects reinforce each other in raising quantity. Quantity therefore rises, rather than falls, although the effect on price remains uncertain."},{"text":"When demand and supply both rise, quantity rises; when demand and supply both fall, quantity rises. In both cases, price is uncertain.","correct":false,"explanation":"When both curves shift left, their effects reinforce each other in reducing quantity. Quantity therefore falls, rather than rises, although the effect on price remains uncertain."},{"text":"When demand and supply both rise, quantity falls; when demand and supply both fall, quantity rises. In both cases, price is uncertain.","correct":false,"explanation":"This reverses both quantity effects. Simultaneous increases in demand and supply raise quantity, while simultaneous decreases in demand and supply lower quantity; price remains uncertain."}]},{"id":"51d230f9-e9e7-48d2-9751-0d336404abc9","cardType":"cloze","points":null,"front":"When demand rises and supply falls, [ ]; when demand falls and supply rises, [ ]. In both cases, quantity is uncertain.","back":"When demand rises and supply falls, price rises; when demand falls and supply rises, price falls. In both cases, quantity is uncertain.","mcqOptions":[{"text":"When demand rises and supply falls, price rises; when demand falls and supply rises, price falls. In both cases, quantity is uncertain.","correct":true,"explanation":"Rising demand and falling supply both put upward pressure on price. Falling demand and rising supply both put downward pressure on price, while quantity depends on relative shift sizes."},{"text":"When demand rises and supply falls, price falls; when demand falls and supply rises, price falls. In both cases, quantity is uncertain.","correct":false,"explanation":"Higher demand and lower supply reinforce each other in raising price, rather than lowering it. Their effects on equilibrium quantity oppose each other, leaving quantity uncertain."},{"text":"When demand rises and supply falls, price rises; when demand falls and supply rises, price rises. In both cases, quantity is uncertain.","correct":false,"explanation":"Lower demand and higher supply both reduce price, rather than raise it. One shift reduces quantity while the other increases it, so quantity remains uncertain."},{"text":"When demand rises and supply falls, price falls; when demand falls and supply rises, price rises. In both cases, quantity is uncertain.","correct":false,"explanation":"This reverses both price effects. Rising demand with falling supply raises price, whereas falling demand with rising supply lowers price; only quantity is uncertain."}]},{"id":"276973d3-3f3e-45c9-bf47-fd82c19c9f1f","cardType":"basic","points":2,"front":"How does the price mechanism reduce a shortage?","back":"

Rising prices signal scarcity.
Quantity demanded falls; quantity supplied rises.

","mcqOptions":[{"text":"

Rising prices signal scarcity.
Quantity demanded falls; quantity supplied rises.

","correct":true,"explanation":"A shortage puts upward pressure on price, signalling scarcity. The higher price contracts quantity demanded and extends quantity supplied until the shortage is eliminated at equilibrium."},{"text":"

Falling prices signal scarcity.
Quantity demanded rises; quantity supplied falls.

","correct":false,"explanation":"Falling prices signal excess supply, not scarcity, and would worsen a shortage by increasing demand and reducing supply. Prices must rise so demand falls and supply rises."},{"text":"

Rising prices signal scarcity.
Quantity demanded rises; quantity supplied falls.

","correct":false,"explanation":"A shortage does cause prices to rise, but buyers respond by demanding less, not more, while producers supply more. The stated responses would enlarge the shortage."},{"text":"

Rising prices signal excess availability.
Quantity demanded falls; quantity supplied rises.

","correct":false,"explanation":"Excess availability describes a surplus rather than a shortage. A shortage raises prices, signalling scarcity and causing quantity demanded to fall while quantity supplied rises."}]},{"id":"a35655f1-9dbc-40c6-870b-b2bb8d1bf044","cardType":"basic","points":2,"front":"How does the price mechanism reduce a surplus?","back":"

Falling prices signal excess availability.
Quantity demanded rises; quantity supplied falls.

","mcqOptions":[{"text":"

Falling prices signal excess availability.
Quantity demanded rises; quantity supplied falls.

","correct":true,"explanation":"A surplus puts downward pressure on price, signalling excess availability. The lower price extends quantity demanded and contracts quantity supplied until equilibrium is restored."},{"text":"

Rising prices signal scarcity.
Quantity demanded falls; quantity supplied rises.

","correct":false,"explanation":"Rising prices signal scarcity and would worsen a surplus by reducing demand and increasing supply. Prices must fall so quantity demanded rises and quantity supplied falls."},{"text":"

Falling prices signal excess availability.
Quantity demanded falls; quantity supplied rises.

","correct":false,"explanation":"A surplus does cause prices to fall, but consumers then demand more and producers supply less. Reversing these responses would increase the unsold excess supply."},{"text":"

Falling prices signal scarcity.
Quantity demanded rises; quantity supplied falls.

","correct":false,"explanation":"Scarcity describes a shortage rather than a surplus. Excess availability causes prices to fall, which raises quantity demanded and lowers quantity supplied until the surplus disappears."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Component 1"},"heading":"The determination of equilibrium price and output in a freely competitive market","title":"The determination of equilibrium price and output in a freely competitive market Flashcards","topbar":{"backHref":"/a-level/economics/eduqas/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"436bbf8b-0680-5663-90d2-91d5e7d414a7","walled":"$L3a"}],"$L3b","$L3c"]