O-LevelEconomicsThe allocation of resources2281/12 · May/June 2018 · Q51 Mark

The diagram shows the market for beef in the US with the original equilibrium at X. What will be the new equilibrium position if incomes in the US rise?

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APosition A

BPosition B

CPosition C

DPosition D

✓ Correct answer

C: Position C

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2018 Paper 1 Variant 2, question 5.

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