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OCR GCSE Economics (J205): How markets work overview quiz quiz

12questions. Pick an answer and you'll see why right away.

  1. What causes a movement along the demand curve rather than a shift?

  2. A fall in the cost of raw materials will most likely cause the supply curve to:

  3. At a price above the equilibrium price, a market will have:

  4. Demand is Qd = 100 - 2P and supply is Qs = 40 + 4P. What is the equilibrium price?

  5. Demand for a good is described as price inelastic when:

  6. A firm raises its price and finds that total revenue rises. This shows demand is:

  7. Price elasticity of demand is calculated as:

  8. Which is a likely benefit of competition for consumers?

  9. A market dominated by a single firm with the power to set its own price is a:

  10. An oligopoly is best described as a market dominated by:

  11. A subsidy paid to producers will most likely:

  12. Which factor would make demand for a good more price elastic?