A-LevelEconomicsPrice ElasticityMay/June 2022Paper 1 Q91 Mark
What would be the most likely reason for a firm's decision to calculate the price elasticity of demand for its product?
Ato provide retail statistics for the government
Bto predict the change in its total revenue after it raises prices
Cto calculate the firm's competitive position
Dto enable the firm to complete consumer satisfaction surveys
✓ Correct Answer
The correct answer is B. 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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