O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2015 · Q51 Mark

What is meant by an equilibrium price?

Agovernment price that ensures fairness for all

Bprice that has no pressure to rise or fall

Cprice that maximises the profits of the producers

Dprice that maximises the satisfaction of the consumers

✓ Correct answer

B: price that has no pressure to rise or fall

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2015 Paper 1 Variant 2, question 5.

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