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1.3 How prices are determined

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Question 169

Fresh cut flowers cannot be stored for long, while canned beans can be kept in warehouses. Which statement is most likely to be correct?

[1]
A

Canned beans have more price-inelastic supply because supermarkets sell many brands

B

Canned beans have more price-inelastic supply because their production uses machinery

C

Fresh flowers have more price-elastic supply because they are easily stored

D

Fresh flowers have more price-inelastic supply because they cannot be stored for long

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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