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1.3 How prices are determined

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Question 27

A print shop records the number of poster packs it would offer for sale each week at different prices.

Price per pack (£)Quantity supplied per week
5260
6320

A student is about to plot the row for £5 as the first point of the shop's supply curve. Which instruction is correct?

[1]
A

Price on the horizontal axis and quantity supplied on the vertical axis; plot £5 against 260 poster packs

B

Price on the vertical axis and quantity supplied on the horizontal axis; plot £5 against 320 poster packs

C

Price on the horizontal axis and quantity supplied on the vertical axis; plot £5 against 320 poster packs

D

Price on the vertical axis and quantity supplied on the horizontal axis; plot £5 against 260 poster packs

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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