O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2014 · Q71 Mark

The diagram shows the market for refined oil with equilibrium of X. [Figure] What will be the new equilibrium when a major oil refinery shuts down for repair work?

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.

APoint A on diagram

BPoint B on diagram

CPoint C on diagram

DPoint D on diagram

✓ Correct answer

B: Point B on diagram

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2014 Paper 1 Variant 2, question 7.

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