Country X forms a customs union with country Y. X then ceases to produce its own cars and instead imports cars from Y. Country Y diverts some of its car exports to X from country Z. How is this likely to affect car prices in X and Z?

9708_w17_qp_12

MCQ

2017

Paper 1, Variant 2

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In which situation will it be necessary to use an alternative to the price mechanism to allocate a good between consumers?

9708_w17_qp_13

MCQ

2017

Paper 1, Variant 3

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A market is in equilibrium at price $5. Market supply changes from being inelastic at each price to become elastic at each price. The market equilibrium price does not change. What is the effect on consumer surplus and producer surplus?

9708_w17_qp_13

MCQ

2017

Paper 1, Variant 3

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The diagram shows a competitive market in equilibrium with price P and quantity Q sold. V U O Q P W S D quantity price Which area represents the producer surplus?

9708_w18_qp_12

MCQ

2018

Paper 1, Variant 2

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The price of a ticket for an international athletics tournament was $50. All tickets were sold. Which area on the diagram represents consumer surplus?

9708_w19_qp_12

MCQ

2019

Paper 1, Variant 2

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A subsidy is given to the producers of a good with perfectly elastic demand. What will be the outcome?

9708_w19_qp_12

MCQ

2019

Paper 1, Variant 2

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The diagram shows the European market for diesel fuel and the original equilibrium is at M. S1 D1 D2 G H J O R T N M price quantity Europeans want low-emission cars and therefore the demand for diesel fuel has decreased from D1 to D2. Which area represents the new producer surplus for companies supplying diesel fuel?

9708_w19_qp_13

MCQ

2019

Paper 1, Variant 3

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The diagram shows the market for a good with an initial equilibrium price of $10. The demand for the good increases by 40 units at every price causing the equilibrium price to rise to $12. quantity price $ S1 D2 D1 What is the value of the producer surplus after the price increase?

9708_w20_qp_11

MCQ

2020

Paper 1, Variant 1

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The diagram shows the market supply and demand for a good. price $ quantity O S T U V supply demand Which area represents producer surplus?

9708_w20_qp_12

MCQ

2020

Paper 1, Variant 2

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The table shows the maximum price a consumer would be willing to pay for successive cans of fruit juice. cans first second third fourth fifth price ($) The price of a can of fruit juice is $4 and, having bought three cans, the consumer decides to buy a fourth. How does buying the fourth can affect his consumer surplus?

9708_w21_qp_11

MCQ

2021

Paper 1, Variant 1

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