A-LevelEconomicsThe Price System and the MicroeconomyMay/June 2021Paper 1 Q91 Mark
The diagram shows the market for meat in equilibrium at X. The cost of producing meat rises and there is a trend for consumers to change from meat to a vegan (non-animal) diet. What is the new market equilibrium? [Figure 9.1]
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The correct answer is A. This question tests the candidate's understanding of the price system and the microeconomy within the Economicssyllabus. The examiner's mark scheme requires...
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