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Edexcel A-Level Business Theme 1.2 The market overview quiz quiz

10questions. Pick an answer and you'll see why right away.

  1. Which of these would shift the demand curve for a product to the right?

  2. Which factor shifts the supply curve, rather than causing a movement along it?

  3. What is the market equilibrium?

  4. If the market price is set above the equilibrium, what occurs?

  5. A new technology lowers a product's production costs. What happens to equilibrium price and quantity?

  6. Price falls by 8% and quantity demanded rises by 16%. What is the PED?

  7. A product has an income elasticity of demand of +2.5+2.5. What does this indicate?

  8. In a more competitive market, what generally happens to prices and consumer choice?

  9. What protects an incumbent firm in a market with little competition?

  10. For a product with price inelastic demand, how should a firm change price to raise total revenue?