A-LevelEconomicsThe Price System and the MicroeconomyOct/Nov 2014Paper 1 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
The correct answer is B. 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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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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