A launderette raises the price of each wash. Customer visits change very little in the first week but fall substantially after six months. What is most likely to explain the larger response after six months?
Customers have become used to the higher price and no longer notice it
Customers have had time to buy washing machines or arrange other ways to wash clothes
The launderette has had time to install more machines and offer more washes
The higher price has shifted the demand curve for launderette washes to the left
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.