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1.3 How prices are determined

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Question 50

Each of the following producers faces the same 10% rise in the price of its output.

Which producer is likely to have the least price elastic supply over the next month?

[1]
A

An oil company that must survey, license, drill and connect a new North Sea field before extra oil flows

B

A clothing factory that must wait ten days for extra fabric to be delivered

C

A brewery that needs three weeks to brew and mature extra batches of beer

D

A furniture workshop that can hire extra agency joiners within a week

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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