OCR GCSE Economics (J205): How markets work overview quiz quiz
12questions. Pick an answer and you'll see why right away.
What causes a movement along the demand curve rather than a shift?
A fall in the cost of raw materials will most likely cause the supply curve to:
At a price above the equilibrium price, a market will have:
Demand is Qd = 100 - 2P and supply is Qs = 40 + 4P. What is the equilibrium price?
Demand for a good is described as price inelastic when:
A firm raises its price and finds that total revenue rises. This shows demand is:
Price elasticity of demand is calculated as:
Which is a likely benefit of competition for consumers?
A market dominated by a single firm with the power to set its own price is a:
An oligopoly is best described as a market dominated by:
A subsidy paid to producers will most likely:
Which factor would make demand for a good more price elastic?