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1.3 How prices are determined

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Question 13

At the current price of badminton rackets, customers want to buy more rackets than firms are offering. Which price movement is most likely to bring the market closer to equilibrium?

[1]
A

The price falls, causing quantity demanded to extend and quantity supplied to contract

B

The price rises, causing quantity demanded to contract and quantity supplied to extend

C

The price falls, causing quantity demanded to contract and quantity supplied to extend

D

The price rises, causing quantity demanded to extend and quantity supplied to contract

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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