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O-LevelEconomicsThe allocation of resources2281/11 · May/June 2013 · Q71 Mark

When the price of shirts rises from $8 to $10, the demand for shirts falls from 1000 to 500. What is the price elasticity of demand for shirts?

Agreater than 1

Bunitary

Cless than 1

Dzero

✓ Correct answer

A: greater than 1

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About this question

Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2013 Paper 1 Variant 1, question 7.

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