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A-LevelEconomicsThe price system and the microeconomy9708/12 · May/June 2023 · Q141 Mark

In the diagram, area OP₁M1Q₁ is equal to area OP2M2Q2. [Figure 14.1] What is the value of the price elasticity of demand if the price is halved from P₁ to P2?

This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.

A–1
B–0.5
Czero
Dinfinity

✓ Correct answer

A: –1

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About this question

Topic
The price system and the microeconomy, A-Level Economics (syllabus 9708). Multiple choice, 1 mark.
Source
A-Level Economics, May/June 2023 Paper 1 Variant 2, question 14.

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