Economics Multiple Choice Question – 31 March 2022

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Economics
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What is it necessary to know in order to calculate the price elasticity of supply of a product when its price changes?

Select ONE answer:

  1. the amount of the price change; the quantity demanded at the original price; the quantity supplied at the new price
  2. the equilibrium market price; the quantity demanded at equilibrium; the quantity supplied at equilibrium
  3. the original and new market price; the quantity supplied at the original price; the quantity supplied at the new price
  4. the quantity demanded at the new price; the price change; the quantity supplied at the new Price

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 3

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

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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