O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2024 · Q61 Mark

The table shows the supply for a product at different prices. If the price changes from $12 to $14, what will be the change in supply?

ASupply will contract by 40 units and there will be a movement down along the supply curve.

BSupply will contract by 200 units and there will be an inward shift of the supply curve.

CSupply will extend by 40 units and there will be a movement up along the supply curve.

DSupply will extend by 200 units and there will be an outward shift of the supply curve.

✓ Correct answer

C: Supply will extend by 40 units and there will be a movement up along the supply curve.

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2024 Paper 1 Variant 2, question 6.

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