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1.3 How prices are determined

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Question 8

Table 1 shows possible changes by four food producers.

RowChange 1Change 2
ADestroy finished stocksUse machinery made for one product only
BIncrease advertisingIntroduce a customer loyalty scheme
CHold finished stocksTrain workers for several production lines
DClose spare production linesLengthen production lead times

Using Table 1, which row contains two changes that are both most likely to make supply more price elastic?

[1]
A

Row A

B

Row B

C

Row C

D

Row D

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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