Question 8
Question 8 of 29
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Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
2. The allocation of reso...
2.7. Price elasticity of demand (PE...

The key influences on whether demand is elastic or inelastic.

2. The allocation of reso...
2.5. Price determination

Definition, drawing and interpretation of demand and supply schedules and curves used to identify disequilibrium prices and shortages (demand exceeding supply) and surpluses (supply exceeding demand).