A-LevelEconomicsThe price system and the microeconomy9708/12 · Feb/Mar 2025 · Q81 Mark
The diagram shows the impact on equilibrium due to an increase in the costs of production. The original price is $72. The price elasticity of demand is -2.0. [Figure showing two supply curves S1, S2, and a demand curve D, with prices P2, 72, and quantities 60, 80] What is the new equilibrium price, P₂?
This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.
A$81.00
B$84.00
C$92.00
D$108.00
✓ Correct answer
A: $81.00
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill The price system and the microeconomy and see which topics are most likely to come up next.
Sign up free →