A-LevelEconomicsThe Price System and the MicroeconomyMay/June 2015Paper 1 Q101 Mark
The price of a firm's product rises by 12%. After one week the firm is only able to produce the same quantity but after one month it can increase the quantity by 6%. How would the price elasticity of supply be described after one week and after one month?
Ainfinite
elastic
Binfinite
inelastic
Czero
elastic
Dzero
inelastic
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of the price system and the microeconomy 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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