A-LevelEconomicsThe Market System and the National EconomyOct/Nov 2023Paper 1 Q121 Mark
The equation for the quantity demanded, QD, for a product is QD = 400-20P where P = price in $. The quantity supplied, QS, is given by QS = 100 + 40P. Which change will occur if the price rises from $5 to $6?
AThe market will move from equilibrium to shortage.
BThe market will move from equilibrium to surplus.
CThe market will move from shortage to surplus.
DThe market will move from surplus to shortage.
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of the market system and the national economy 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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