O-LevelEconomicsThe allocation of resources2281/11 · May/June 2017 · Q41 Mark

The diagram shows the market for a product. [Diagram] Which statement about the points marked on the diagram is correct?

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AThe distance from W to X shows a shortage of the product.

BThe distance from Z to Y shows a surplus of the product.

CThe movement from W to Y shows a fall in the quantity demanded of the product.

DThe movement from X to Z shows a fall in the quantity supplied of the product.

✓ Correct answer

D: The movement from X to Z shows a fall in the quantity supplied of the product.

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2017 Paper 1 Variant 1, question 4.

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