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24:[["$","$L33",null,{"feature":"flashcards"}],"$L34",["$","$L35",null,{"href":"/gcse/economics/ocr/price/flashcards","label":"2.4 Price","subjectCode":"gcse_economics__ocr","surface":"flashcards"}],["$","$L36",null,{"runner":["$","div",null,{"className":"min-h-0 flex-1 overflow-hidden bg-background","children":["$","$L37",null,{"decks":[{"id":"ba58aa94-916f-4f49-9275-998a3c14e07f","title":"Price Flashcards","topicId":"0c77c707-2e55-55c6-9552-4e533c396e9b","topicSlug":"price","cards":[{"id":"b0403d12-bde1-4a00-9560-6a414616ca05","cardType":"cloze","points":null,"front":"Price is the amount of money paid to buy [ ] of a good or service.","back":"Price is the amount of money paid to buy one unit of a good or service.","mcqOptions":[{"text":"one unit","correct":true,"explanation":"Price expresses how much money a buyer pays for one unit, allowing the costs of different goods and services to be compared consistently."},{"text":"one batch","correct":false,"explanation":"A batch can contain several units, so its total payment is not necessarily the price. Price is the amount paid to buy one unit of a good or service."},{"text":"all units","correct":false,"explanation":"Price is not defined as payment for all units available, which would be the total value of the stock. It is the amount paid for one unit."},{"text":"a fixed quantity","correct":false,"explanation":"A fixed quantity could include multiple units and therefore have a total cost greater than the price. Price refers specifically to the amount paid for one unit."}]},{"id":"f8838f83-0716-40fb-9608-de83835e3581","cardType":"basic","points":3,"front":"What are the three jobs of price in a market?","back":"

Signal
Incentive
Rationing device

","mcqOptions":[{"text":"

Signal
Incentive
Rationing device

","correct":true,"explanation":"Prices signal information about scarcity and demand, create incentives for consumers and producers to change behaviour, and ration scarce goods among those willing and able to pay."},{"text":"

Production
Consumption
Profit maker

","correct":false,"explanation":"Production and consumption are economic activities, while profit is a possible business outcome; they are not the three functions of price. Price acts as a signal, incentive, and rationing device."},{"text":"

Advertising
Branding
Market research

","correct":false,"explanation":"Advertising, branding, and market research are business methods rather than jobs performed by price. The three price functions are signalling, providing incentives, and rationing scarce goods."},{"text":"

Demand
Supply
Equilibrium point

","correct":false,"explanation":"Demand and supply help determine market price, while equilibrium is their balancing point; these are not price’s three jobs. Price serves as a signal, incentive, and rationing device."}]},{"id":"b4f5a76c-6fa5-46fb-bfef-4da318980e8a","cardType":"basic","points":2,"front":"How does a higher price act as an incentive for producers?","back":"Higher price can raise revenue or profit, encouraging more supply.","mcqOptions":[{"text":"Higher price can raise revenue or profit, encouraging more supply.","correct":true,"explanation":"When a higher selling price increases potential revenue or profit, producers have a financial incentive to devote more resources to production and increase quantity supplied."},{"text":"Higher price can raise costs or losses, encouraging less supply.","correct":false,"explanation":"Higher prices do not necessarily increase production costs, and producers are normally encouraged by greater potential profit. A higher price can raise revenue or profit, encouraging more supply."},{"text":"Higher price lowers demand, automatically forcing producers to supply more.","correct":false,"explanation":"A higher price may reduce quantity demanded, but this does not force firms to produce more. The producer incentive comes from the possibility of increased revenue or profit."},{"text":"Higher price makes production cheaper, encouraging producers to supply more.","correct":false,"explanation":"Changing the selling price does not directly make inputs or production cheaper. Producers may increase supply because a higher price can instead raise their revenue or profit."}]},{"id":"3656c094-347c-49ba-830e-5308e4fba853","cardType":"basic","points":2,"front":"How does a higher price ration a scarce good?","back":"Fewer consumers are willing and able to buy it.","mcqOptions":[{"text":"Fewer consumers are willing and able to buy it.","correct":true,"explanation":"At a higher price, some consumers cannot afford the good or no longer consider it worthwhile, so fewer people are both willing and able to purchase it."},{"text":"More consumers are willing and able to buy it.","correct":false,"explanation":"A higher price generally reduces, rather than increases, the number of willing and able buyers. The scarce good is rationed because fewer consumers can and will buy it."},{"text":"Fewer producers are willing and able to buy it.","correct":false,"explanation":"Price rationing operates through consumers’ willingness and ability to pay, not through fewer producers purchasing the good. At a higher price, fewer consumers are willing and able to buy."},{"text":"Every consumer is willing and able to buy it.","correct":false,"explanation":"A higher price excludes some consumers who cannot afford or do not value the good enough to buy it. Therefore, fewer consumers are willing and able to purchase it."}]},{"id":"2f630bbe-95b4-4492-9625-c366dac3ea42","cardType":"cloze","points":null,"front":"Demand is the quantity consumers are [ ] at different prices.","back":"Demand is the quantity consumers are willing and able to buy at different prices.","mcqOptions":[{"text":"willing and able to buy","correct":true,"explanation":"Demand requires both willingness to purchase and the financial ability to do so. Wanting a product without sufficient purchasing power does not count as effective demand."},{"text":"willing but unable to buy","correct":false,"explanation":"Willingness alone is insufficient because consumers must also have the purchasing power to complete the purchase. Demand is the quantity they are willing and able to buy."},{"text":"able but unwilling to buy","correct":false,"explanation":"Ability to pay alone does not create demand if consumers do not want the product. Demand includes quantities consumers are both willing and able to buy."},{"text":"willing and able to sell","correct":false,"explanation":"Selling describes the activity of producers and belongs in the definition of supply. Demand concerns the quantity consumers are willing and able to buy at different prices."}]},{"id":"d38c8fc9-8c1f-4501-b654-6f8059471b1a","cardType":"cloze","points":null,"front":"Supply is the quantity producers are [ ] at different prices.","back":"Supply is the quantity producers are willing and able to sell at different prices.","mcqOptions":[{"text":"willing and able to sell","correct":true,"explanation":"Supply measures quantities that producers both want to offer and have the capacity to provide for sale at different possible market prices."},{"text":"willing and able to buy","correct":false,"explanation":"Buying is associated with consumer demand, not producer supply. Supply is the quantity producers are willing and able to sell at different prices."},{"text":"willing but unable to sell","correct":false,"explanation":"Willingness to sell is insufficient if producers lack the resources or capacity to produce the quantity. Supply requires producers to be willing and able to sell."},{"text":"able but unwilling to sell","correct":false,"explanation":"Production capacity alone does not create supply if firms choose not to offer the product for sale. Producers must be both willing and able to sell."}]},{"id":"698f53af-7ba5-4ead-a85e-3f85da799120","cardType":"basic","points":1,"front":"As price falls, what usually happens to quantity demanded?","back":"Quantity demanded rises.","mcqOptions":[{"text":"Quantity demanded rises.","correct":true,"explanation":"The law of demand states that, other things being equal, consumers usually buy a greater quantity when price falls because the product becomes more affordable."},{"text":"Quantity demanded falls.","correct":false,"explanation":"This reverses the usual law of demand. Other things being equal, a lower price makes the good more affordable and causes quantity demanded to rise."},{"text":"Quantity demanded stays unchanged.","correct":false,"explanation":"Quantity demanded is not usually unchanged when the good’s own price changes. A fall in price normally causes movement along the demand curve to a higher quantity demanded."},{"text":"Quantity supplied rises.","correct":false,"explanation":"This confuses demand with supply and also gives the usual supply response in the wrong direction. As price falls, quantity demanded normally rises."}]},{"id":"b6b1cc2c-d2e9-464b-b503-b7e11c5bf11c","cardType":"basic","points":2,"front":"Why does the supply curve usually slope upwards?","back":"Higher prices make production more rewarding, so supply rises.","mcqOptions":[{"text":"Higher prices make production more rewarding, so supply rises.","correct":true,"explanation":"Higher prices can increase revenue and potential profit, making additional production worthwhile. Producers therefore tend to offer a larger quantity as price rises."},{"text":"Lower prices make production more rewarding, so supply rises.","correct":false,"explanation":"This reverses the usual supply relationship. Lower prices generally make production less rewarding, while higher prices encourage producers to increase quantity supplied."},{"text":"Higher prices make production less rewarding, so supply falls.","correct":false,"explanation":"Higher prices usually increase the potential reward from producing and selling, rather than reducing it. This encourages greater supply and gives the supply curve its upward slope."},{"text":"Higher prices make consumption more rewarding, so demand rises.","correct":false,"explanation":"This confuses the supply curve with the demand curve. An upward-sloping supply curve reflects producers offering more at higher prices, not consumers demanding more."}]},{"id":"8503b676-aa7f-4c1d-869d-420aef4bd5b6","cardType":"cloze","points":null,"front":"The equilibrium price is where quantity demanded [ ] quantity supplied.","back":"The equilibrium price is where quantity demanded equals quantity supplied.","mcqOptions":[{"text":"equals","correct":true,"explanation":"At the equilibrium price, the amount consumers want to buy exactly matches the amount producers want to sell, so there is neither excess demand nor excess supply."},{"text":"exceeds","correct":false,"explanation":"Demand exceeding supply describes excess demand, not equilibrium. At equilibrium, quantity demanded equals quantity supplied, so the market clears without a shortage or surplus."},{"text":"falls below","correct":false,"explanation":"Demand falling below supply describes excess supply, not equilibrium. Equilibrium occurs when quantity demanded equals quantity supplied at the market-clearing price."},{"text":"is unrelated to","correct":false,"explanation":"Equilibrium requires a definite equality between quantity demanded and quantity supplied. Saying they are unrelated ignores the market-clearing condition that determines equilibrium price."}]},{"id":"d23a1da3-dedf-42ab-99be-5baf29550f97","cardType":"basic","points":1,"front":"If quantity demanded is greater than quantity supplied, what market position exists?","back":"There is excess demand, also called a shortage.","mcqOptions":[{"text":"There is excess demand, also called a shortage.","correct":true,"explanation":"When quantity demanded exceeds quantity supplied, consumers want more than firms offer. This creates excess demand, also called a shortage, with some buyers unable to purchase the good."},{"text":"There is excess supply, also called a surplus.","correct":false,"explanation":"This reverses the quantities: excess supply occurs when quantity supplied is greater than quantity demanded. Here, demand is greater, so the correct position is excess demand, or a shortage."},{"text":"There is market equilibrium, also called a clearing point.","correct":false,"explanation":"Equilibrium occurs when quantity demanded equals quantity supplied, not when demand is greater. Since buyers want more than firms provide, the market has excess demand, or a shortage."},{"text":"There is a glut, also called excess availability.","correct":false,"explanation":"A shortage is the relevant imbalance when quantity demanded exceeds quantity supplied. A glut means excess supply, which would require suppliers offering more than buyers want."}]},{"id":"fea5e1bf-115f-46b7-80f3-4981ff66f856","cardType":"basic","points":1,"front":"If quantity supplied is greater than quantity demanded, what market position exists?","back":"There is excess supply, also called a surplus.","mcqOptions":[{"text":"There is excess supply, also called a surplus.","correct":true,"explanation":"When quantity supplied exceeds quantity demanded, firms offer more than consumers want to buy. This creates excess supply, also called a surplus, leaving unsold stock."},{"text":"There is excess demand, also called a shortage.","correct":false,"explanation":"This reverses the quantities: excess demand occurs when quantity demanded is greater than quantity supplied. Here, firms offer more than buyers want, creating excess supply, or a surplus."},{"text":"There is market equilibrium, also called a clearing point.","correct":false,"explanation":"Equilibrium requires quantity supplied and quantity demanded to be equal. Since supply is greater here, the market has excess supply, also called a surplus."},{"text":"There is a shortage, also called excess demand.","correct":false,"explanation":"A shortage occurs when buyers want more than firms provide. The stated condition is the opposite, with firms offering more than buyers want, so it creates a surplus."}]},{"id":"694202ed-e096-4645-85ff-2a30b7241081","cardType":"cloze","points":null,"front":"On a demand and supply diagram, price goes on the [ ] and quantity goes on the [ ].","back":"On a demand and supply diagram, price goes on the vertical axis and quantity goes on the horizontal axis.","mcqOptions":[{"text":"On a demand and supply diagram, price goes on the vertical axis and quantity goes on the horizontal axis.","correct":true,"explanation":"By convention, the vertical axis shows price and the horizontal axis shows quantity. This allows the demand and supply curves to show how price and quantity interact."},{"text":"On a demand and supply diagram, price goes on the horizontal axis and quantity goes on the vertical axis.","correct":false,"explanation":"The axes are reversed in this option. Standard demand and supply diagrams place price on the vertical axis and quantity on the horizontal axis."},{"text":"On a demand and supply diagram, price and quantity both go on the vertical axis.","correct":false,"explanation":"A demand and supply diagram uses axes rather than placing both variables on the same one. Price belongs on the vertical axis, while quantity belongs on the horizontal axis."},{"text":"On a demand and supply diagram, price and quantity both go on the horizontal axis.","correct":false,"explanation":"A demand and supply diagram uses separate axes for the two variables. Price is conventionally measured on the vertical axis, with quantity on the horizontal axis."}]},{"id":"96b445e3-6deb-479b-8446-c756b27e7728","cardType":"basic","points":1,"front":"What causes a movement along a demand or supply curve?","back":"A change in the good’s own price.","mcqOptions":[{"text":"A change in the good’s own price.","correct":true,"explanation":"A movement along a curve results from changing the good’s own price, while other factors remain constant. The change alters quantity demanded or supplied along the existing curve."},{"text":"A change in a non-price factor.","correct":false,"explanation":"A non-price factor shifts the entire demand or supply curve rather than causing movement along it. Movement along the existing curve is caused by a change in the good’s own price."},{"text":"A change in the price of a related good.","correct":false,"explanation":"A change in the price of a related good can shift demand, but it does not cause movement along this good’s existing curve. That movement follows a change in its own price."},{"text":"A change in technology.","correct":false,"explanation":"A change in production technology shifts the supply curve by changing firms’ costs or productivity. Movement along a curve instead results from changing the good’s own price."}]},{"id":"b8db7909-bee0-446f-808c-29a9642e41c3","cardType":"basic","points":1,"front":"What causes a whole demand or supply curve to shift?","back":"A change in a non-price factor.","mcqOptions":[{"text":"A change in a non-price factor.","correct":true,"explanation":"Non-price factors, such as income, tastes, or production costs, change demand or supply at every price. This shifts the whole curve rather than causing movement along it."},{"text":"A change in the good’s own price.","correct":false,"explanation":"A change in the good’s own price causes movement along the existing curve, not a shift of the whole curve. Curve shifts result from changes in non-price factors."},{"text":"A change in equilibrium quantity.","correct":false,"explanation":"A change in equilibrium quantity is an outcome shown after demand or supply changes; it is not the cause of a curve shift. Non-price factors cause the shift."},{"text":"A movement along the same curve.","correct":false,"explanation":"A movement along a curve describes a response to the good’s own price, rather than shifting the curve. A whole curve shifts when a non-price factor changes."}]},{"id":"8d1d37de-97c4-4c53-aa22-c30122d2cb78","cardType":"basic","points":2,"front":"Why does excess supply put downward pressure on price?","back":"Unsold stock encourages sellers to reduce price.","mcqOptions":[{"text":"Unsold stock encourages sellers to reduce price.","correct":true,"explanation":"Excess supply leaves firms with unsold stock. To attract buyers and clear this surplus, sellers have an incentive to reduce prices, creating downward pressure on price."},{"text":"Limited stock encourages sellers to increase price.","correct":false,"explanation":"Limited stock is associated with excess demand, which puts upward pressure on price as buyers compete. Excess supply instead creates unsold stock and encourages price reductions."},{"text":"Strong demand encourages sellers to increase price.","correct":false,"explanation":"Strong demand tends to raise price because buyers compete for goods. Downward pressure from excess supply comes from unsold stock that sellers want to clear."},{"text":"Higher costs encourage sellers to increase price.","correct":false,"explanation":"Higher production costs may push firms to charge more, but they do not explain downward pressure caused by excess supply. Unsold stock encourages sellers to reduce price."}]},{"id":"c1829e51-b0a5-450c-a3b9-e577c9d0237a","cardType":"basic","points":2,"front":"Why does excess demand put upward pressure on price?","back":"Buyers compete for limited stock, so sellers can raise price.","mcqOptions":[{"text":"Buyers compete for limited stock, so sellers can raise price.","correct":true,"explanation":"Excess demand means buyers want more than is available. They compete to obtain limited stock, allowing sellers to raise prices until demand and supply move towards equilibrium."},{"text":"Sellers compete to clear unsold stock, so they reduce price.","correct":false,"explanation":"Unsold stock occurs with excess supply and gives sellers an incentive to reduce prices. Excess demand instead leaves limited stock, causing buyers to compete and prices to rise."},{"text":"Buyers find plentiful stock, so sellers must reduce price.","correct":false,"explanation":"Excess demand does not mean that stock is plentiful. Buyers want more than firms supply, so limited availability makes buyers compete and gives sellers scope to raise price."},{"text":"Production costs fall, so sellers can raise price.","correct":false,"explanation":"Lower production costs may shift supply, but they are not the immediate reason excess demand raises price. Buyers competing for limited stock create the upward pressure."}]},{"id":"7989b240-b9a3-4f51-a33b-deed69cd463d","cardType":"cloze","points":null,"front":"In a market, higher prices attract resources and lower prices [ ].","back":"In a market, higher prices attract resources and lower prices push resources away.","mcqOptions":[{"text":"push resources away","correct":true,"explanation":"Lower prices signal weaker profitability, encouraging producers to redirect labour, capital and other resources towards markets where they can earn higher returns."},{"text":"pull resources in","correct":false,"explanation":"Lower prices do not pull additional resources into a market because they generally reduce potential profits. The correct completion is “push resources away”, reflecting producers’ incentives to relocate resources."},{"text":"raise producer profits","correct":false,"explanation":"Lower prices generally decrease, rather than increase, the profitability of supplying a market. They therefore “push resources away” towards uses offering producers better returns."},{"text":"leave resources unchanged","correct":false,"explanation":"Lower prices are signals that influence resource allocation, not a guarantee that resources remain unchanged. They “push resources away” as producers seek more profitable uses."}]},{"id":"39deba75-0a04-43e2-9095-3f3aac0464ca","cardType":"basic","points":2,"front":"Why can an efficient market allocation still be unfair?","back":"Low-income consumers may be unable to afford important goods.","mcqOptions":[{"text":"Low-income consumers may be unable to afford important goods.","correct":true,"explanation":"Markets allocate goods mainly according to consumers’ ability and willingness to pay. Consequently, low-income consumers may lack access to essential goods despite efficient resource allocation."},{"text":"High-income consumers may be unable to afford important goods.","correct":false,"explanation":"High-income consumers are generally better able to afford important goods, so this reverses the distributional concern. The unfairness arises because low-income consumers may be unable to afford them."},{"text":"Low-demand products may remain unsold despite being important goods.","correct":false,"explanation":"An efficient market can still be unfair because it reflects purchasing power, not because goods necessarily remain unsold. Low-income consumers may therefore be unable to afford important goods."},{"text":"Efficient producers may be unable to cover the costs of important goods.","correct":false,"explanation":"Efficient allocation does not imply that producers cannot cover their costs. The equity problem is that low-income consumers may be unable to afford important goods."}]},{"id":"d5006613-2070-4a5d-acbf-826793c22874","cardType":"basic","points":2,"front":"If demand increases, what happens to equilibrium price and quantity?","back":"

Price rises
Quantity rises

","mcqOptions":[{"text":"

Price rises
Quantity rises

","correct":true,"explanation":"An increase in demand shifts the demand curve right. With supply unchanged, greater competition among buyers raises both the equilibrium price and the equilibrium quantity traded."},{"text":"

Price falls
Quantity rises

","correct":false,"explanation":"This confuses an increase in demand with an increase in supply. A rightward demand shift raises both equilibrium price and equilibrium quantity when supply is unchanged."},{"text":"

Price rises
Quantity falls

","correct":false,"explanation":"Higher demand does raise equilibrium price, but it also increases equilibrium quantity as producers move along the supply curve and offer more at the higher price."},{"text":"

Price falls
Quantity falls

","correct":false,"explanation":"Both variables do not fall when demand increases. With supply unchanged, the demand curve shifts right, causing equilibrium price and equilibrium quantity to rise."}]},{"id":"c0fef178-696f-4527-918e-60be71935779","cardType":"basic","points":2,"front":"If demand decreases, what happens to equilibrium price and quantity?","back":"

Price falls
Quantity falls

","mcqOptions":[{"text":"

Price falls
Quantity falls

","correct":true,"explanation":"A decrease in demand shifts the demand curve left. With supply unchanged, reduced competition among buyers lowers both the equilibrium price and the equilibrium quantity traded."},{"text":"

Price rises
Quantity falls

","correct":false,"explanation":"This reverses the price effect of falling demand. A leftward demand shift reduces competition among buyers, so both equilibrium price and equilibrium quantity fall."},{"text":"

Price falls
Quantity rises

","correct":false,"explanation":"This resembles the effect of increased supply rather than decreased demand. When demand shifts left and supply is unchanged, both equilibrium price and quantity fall."},{"text":"

Price rises
Quantity rises

","correct":false,"explanation":"A decrease in demand does not raise either equilibrium variable. With fewer buyers willing and able to purchase, equilibrium price and equilibrium quantity both fall."}]},{"id":"5965c152-a758-4318-92e8-08c6f4113b89","cardType":"basic","points":2,"front":"If supply increases, what happens to equilibrium price and quantity?","back":"

Price falls
Quantity rises

","mcqOptions":[{"text":"

Price falls
Quantity rises

","correct":true,"explanation":"An increase in supply shifts the supply curve right. With demand unchanged, greater availability lowers the equilibrium price while increasing the equilibrium quantity traded."},{"text":"

Price rises
Quantity rises

","correct":false,"explanation":"This gives the effect of increased demand rather than increased supply. A rightward supply shift lowers equilibrium price and raises equilibrium quantity."},{"text":"

Price falls
Quantity falls

","correct":false,"explanation":"Greater supply does lower equilibrium price, but it increases rather than decreases equilibrium quantity. The lower price encourages consumers to buy more along the demand curve."},{"text":"

Price rises
Quantity falls

","correct":false,"explanation":"This reverses both effects and instead describes decreased supply. When supply increases, equilibrium price falls while equilibrium quantity rises."}]},{"id":"b47fbf3f-7a26-4fd1-8ffa-10c7f33e266a","cardType":"basic","points":2,"front":"If supply decreases, what happens to equilibrium price and quantity?","back":"

Price rises
Quantity falls

","mcqOptions":[{"text":"

Price rises
Quantity falls

","correct":true,"explanation":"A decrease in supply shifts the supply curve left. With demand unchanged, increased scarcity raises the equilibrium price while reducing the equilibrium quantity traded."},{"text":"

Price falls
Quantity rises

","correct":false,"explanation":"This describes increased supply rather than decreased supply. A leftward supply shift makes the product scarcer, causing equilibrium price to rise and equilibrium quantity to fall."},{"text":"

Price rises
Quantity rises

","correct":false,"explanation":"Reduced supply does raise equilibrium price, but it lowers rather than raises equilibrium quantity. Fewer units are available for exchange at the new equilibrium."},{"text":"

Price falls
Quantity falls

","correct":false,"explanation":"This gives the effects of decreased demand rather than decreased supply. When supply shifts left, equilibrium price rises while equilibrium quantity falls."}]}]}],"examCountdown":{"examDate":"2027-05-13","paperLabel":"Paper 1"},"heading":"2.4 Price","title":"Price Flashcards","topbar":{"backHref":"/gcse/economics/ocr/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"0c77c707-2e55-55c6-9552-4e533c396e9b","walled":"$L39"}],"$L3a","$L3b"]

2.4 Price Flashcards

2.4 Price Flashcards