A-LevelEconomicsPrice ElasticityMay/June 2022Paper 1 Q51 Mark
In which situation is the price elasticity of supply for a product most likely to be relatively low?
ADemand for the product comes from a wide range of customers.
BProducers in closely related industries can easily switch to making the product.
CManufacture of the product requires highly skilled labour.
DThe main raw material used in the production of the product is in abundant supply.
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of price elasticity within the Economicssyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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