A-LevelEconomicsThe price system and the microeconomy9708/12 · Feb/Mar 2021 · Q71 Mark
The table shows a competitive market in equilibrium in two periods. period market price (cents) quantity traded 1 50 10000 2 60 12000 What could explain the change from period 1 to period 2?
Aan increase in the price of a complement
Ban increase in the price of a substitute
Cthe imposition of a minimum price of 60 cents by a government
Dthe imposition of an indirect tax on suppliers
✓ Correct answer
B: an increase in the price of a substitute
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