Day: September 21, 2020

A market consists of 10 individuals with different demand curves in a given period.

What is a calculation that could be used as part of the process to determine the market equilibrium in that period?

Select ONE answer:

1. at each price add the quantities demanded by each individual
2. at each quantity average the price that each individual is prepared to pay
3. combine the price elasticity of demand (PED) and the price elasticity of supply (PES) at each price
4. determine the PED and multiply it by the quantity demanded

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

1. Correct
2. Not correct
3. Not correct
4. Not correct

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