A-LevelEconomicsMicroeconomics: Demand and SupplyFeb/Mar 2020Paper 1 Q131 Mark
Four firms produce furniture. The table shows the price elasticity of supply (PES) for each firm. If the price of furniture rises by 5% which firm would experience an increase in quantity supplied of 2.5%?
A2.5
B2.0
C0.6
D0.5
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The correct answer is D. This question tests the candidate's understanding of microeconomics: demand and supply 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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