Economics Multiple Choice Question – 12 August 2018

According to the total revenue test, a price cut increases total revenue if demand is …..

Select ONE answer:

1. inelastic.
2. elastic.
3. perfectly inelastic. 
4. unit elastic.

Explain how external shocks may cause a shift in the supply curve:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 2

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