A-LevelEconomicsDemand and SupplyMay/June 2017Paper 1 Q61 Mark
D₁ and S₁ are the initial demand and supply curves for a normal product. They then change to D₂ and S₂. [Figure 6.1] Which pair of changes would result in the market equilibrium for the product changing from X₁ to X₂?
Afall in the price of a raw material used in the manufacturing and a decrease in the price of a complementary good
Ban increase in average consumer incomes and an increase in the level of an indirect tax imposed
Can increase in the price elasticity of demand for the product and a fall in its price elasticity of supply
Drise in the population and an increase in the price of labour used in manufacturing
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The correct answer is A. This question tests the candidate's understanding of demand and supply within the Economicssyllabus. The examiner's mark scheme requires...
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