O-LevelEconomicsMicroeconomic decision makers2281/13 · Oct/Nov 2023 · Q51 Mark

What is a determinant of price elasticity of demand (PED)?

Aavailability of stocks of the product

Bchange in the income of consumers

Cdegree of necessity of the product

Dexistence of monopoly

✓ Correct answer

C: degree of necessity of the product

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2023 Paper 1 Variant 3, question 5.

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