A-LevelEconomicsThe price system and the microeconomy9708/12 · Oct/Nov 2014 · Q51 Mark
The market price of a product rose from $8 to $10 and as a result the market demand fell from 20000 to 8000 a week. Consumer X's demand declined from 30 to 24 and consumer Y's demand fell from 100 to 60 a week. What can be concluded from this information?
AConsumer X's demand for the product was more elastic than the market demand.
BConsumer X's percentage share of the market increased.
CProducer's total profit fell.
DProducer's total revenue rose.
✓ Correct answer
B: Consumer X's percentage share of the market increased.
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