O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2023 · Q101 Mark

What causes a change in the price of a product in a free market economy?

Achanges in demand and supply conditions

Bchanges in external costs and external benefits

Cchanges in government decisions

Dchanges in the quantity of public goods

✓ Correct answer

A: changes in demand and supply conditions

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2023 Paper 1 Variant 2, question 10.

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