O-LevelEconomicsMicroeconomic decision makers2281/12 · May/June 2019 · Q61 Mark

What can be concluded from the demand curve for the product shown in the diagram? [Diagram]

This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.

APrice increases will raise the producers' revenue.

BProducers are unable to respond to a price rise.

CThe product is one with many substitutes.

DThere are 20 people able to buy the product.

✓ Correct answer

A: Price increases will raise the producers' revenue.

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2019 Paper 1 Variant 2, question 6.

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