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1.3 How prices are determined

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Question 95

UK mushroom growers install new harvesting equipment that lets each picker harvest far more mushrooms per hour.

Which statement explains how the market for UK-grown mushrooms reaches its new equilibrium?

[1]
A

Supply shifts right, and a surplus at the old price pushes the price down

B

Demand shifts right, and a shortage at the old price pushes the price up

C

Quantity supplied extends, and a surplus at the old price pushes the price down

D

Supply shifts right, and a shortage at the old price pushes the price up

Markscheme

1.3 How prices are determined Questions

  1. GCSE
  2. /Economics
  3. /1.3 How prices are determined

236 exam-style questions on AQA GCSE Economics 1.3 How prices are determined, covering 1.3.1a Demand and the factors that influence it, 1.3.1b The demand curve, 1.3.2a Supply and the factors that influence it, 1.3.2b The supply curve, 1.3.3a Determining equilibrium price, 1.3.3b Applying diagrams and showing revenue, 1.3.4a Complements and substitutes, 1.3.4b Effects of changes on related markets, 1.3.5a Price elasticity of demand, 1.3.5b Factors affecting price elasticity of demand, 1.3.5c Measuring PED and its implications, 1.3.6a Price elasticity of supply, 1.3.6b Factors affecting price elasticity of supply, and 1.3.6c Measuring PES and its implications. Each one has a worked solution and a mark scheme showing where the marks go.

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