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2.3 Supply

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Question 41

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Both industries experience the same rise in price from P₀ to P₁. Which statement is most likely to be correct?

[1]
A

Industry X has more price-elastic supply, so its quantity supplied changes proportionately more.

B

Industry Y has more price-elastic supply because its supply curve is steeper.

C

Both industries have unitary price elasticity of supply because the price change is the same.

D

Industry X has perfectly inelastic supply because its curve is not vertical.

Markscheme

2.3 Supply Questions

  1. GCSE
  2. /Economics
  3. /2.3 Supply

81 exam-style questions on OCR GCSE Economics 2.3 Supply, covering 2.3.1 What is supply, 2.3.2 Draw a supply curve using data, 2.3.3 Explain a supply curve, 2.3.4 Shifts and movements of the supply curve, 2.3.5 Causes and consequences of supply changes, 2.3.6 Price elasticity of supply, 2.3.7 Draw supply curves of different elasticity, and 2.3.8 Importance of price elasticity of supply. Each one has a worked solution and a mark scheme showing where the marks go.

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