Subsection 2.6. Price changes for Economics, IGCSE - revisedeck

2.6. Price changes

A subsection of Economics, 0455, through 2. The allocation of resources

Listing 10 of 205 questions

The diagram shows the demand for and supply of a product. The original equilibrium is at X. Which point indicates the new equilibrium position if there is an increase in the price of a close substitute for the product while other things remain the same?

0455_w24_qp_11

MCQ

2024

Paper 1, Variant 1

View

Which changes would move the equilibrium in the diagram from point X to point Z?

0455_w24_qp_12

MCQ

2024

Paper 1, Variant 2

View

The table shows the amounts demanded and supplied of tomatoes at different prices. The initial equilibrium is at a price of $40. supply demand price ($) The following year, more efficient harvesting means that the supply increases by 50% at each price. What will happen to the suppliers’ total revenue?

0455_w24_qp_13

MCQ

2024

Paper 1, Variant 3

View

There is a number of cafés selling snacks and drinks in a city centre. Several of these cafés close due to their owners retiring. What is the likely effect on the prices and profits of the remaining cafés?

0455_w24_qp_13

MCQ

2024

Paper 1, Variant 3

View

What is likely to reduce the price of Air Namibia’s flights?

0455_w06_qp_1

MCQ

2006

Paper 1, Variant 0

View

Questions Discovered

205