InThinking Revision Sites

INTHINKING REVISION SITES

Own your learning

Why not also try our independent learning self-study & revision websites for students?

We currenly offer the following DP Sites: Biology, Chemistry, English A Lang & Lit, Maths A&A, Maths A&I, Physics, Spanish B

"The site is great for revising the basic understandings of each topic quickly. Especially since you are able to test yourself at the end of each page and easily see where yo need to improve."

"It is life saving... I am passing IB because of this site!"

Basic (limited access) subscriptions are FREE. Check them out at:

www.StudyIB.net

Unit 2.1- 2.5: Competitive markets quiz

1. A demand curve shows:

 

2. Movement along a demand curve to the left to a new equilibrium position could have been caused by:

 

3. A shift in a demand curve occurs when:

 

4. A car dealership reduces the price of a new model from £15,000 to £13,500. As a result, the quantity demanded rises from 25 units a week to 30 units a week. The price elasticity of demand is:

 

5. When incomes rise by 2%, demand for UK holidays rises by 4%. The income elasticity of demand is:

 

6. A normal good is one where:

 

7. If the price elasticity of supply for a product is 3.5, then we can conclude that:

 

 

8. When demand for a product is price elastic, a decrease in price lead to:

D is incorrect because this would cause a rise in quantity demanded, not demand

9. The price elasticity of demand for a firm’s products will change when a business:

 

10. Which one of the following would cause an increase in the quantity supplied (also known as an extension of supply) of cars?

 

11. Movement along a supply curve to the right arises because of:

 

12. The supply of a luxury car brand falls, this could have been caused by:

 

13. A rise in price from £21 to £22 leads to a 5% rise in the quantity supplied. To two decimal place

price elasticity of supply is:

 

14. Supply in agriculture is typically price inelastic because:

 

15. The table below shows the market for takeaway pizza:

Price per pizza $Quantity demanded per weekQuantity supplied per week
3350510
2.75400480
2.50450450
2.25500420

Following a rise in production costs, supply falls by 80 pizzas at all prices. The new equilibrium price would be

 

16. An equilibrium price for a product is certain to rise when:

 

 

17. A market is said to be in equilibrium when:

 

 

18. Which one of the following best describes a state of market disequilibrium? Market disequilibrium:

 

19. Coffee and tea are both agricultural products. Which of the following statements are true:

 

20. The motor industry uses steel to make cars. This relationship is an example of products in:

 

 

Total Score:

The quiz can be downloaded at the following link:  Competitive markets quiz