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Market Equilibrium · CAPE Economics Unit 1

77 past-paper questions on Market Equilibrium, part of Methodology: Demand and Supply, from every CAPE Economics Unit 1 paper on Quelpr.

Practise Market Equilibrium
  1. 4(a)3 marks· CAPE Economics Unit 1 · 2005 · Paper 1Construct the demand and supply diagram for milk using the data provided in Table 2.
  2. 4(b)2 marks· CAPE Economics Unit 1 · 2005 · Paper 1Indicate the equilibrium price and equilibrium quantity on the diagram drawn in part (a).
  3. 4(c)1 mark· CAPE Economics Unit 1 · 2005 · Paper 1Define the term 'equilibrium'.
  4. 2(a)(i)2 marks· CAPE Economics Unit 1 · 2005 · Paper 2Define the term 'Demand'.
  5. 2(a)(ii)2 marks· CAPE Economics Unit 1 · 2005 · Paper 2Define the term 'Supply'.
  6. 2(b)2 marks· CAPE Economics Unit 1 · 2005 · Paper 2Briefly explain the difference between a 'change in demand' and a 'change in the quantity demanded'.
  7. 2(c)(i)2 marks· CAPE Economics Unit 1 · 2005 · Paper 2Copy the provided diagram representing demand and supply for digital cameras into your answer booklet.
  8. 2(c)(ii)2 marks· CAPE Economics Unit 1 · 2005 · Paper 2Identify the equilibrium price and state the quantity of digital cameras traded at that price.
  9. 2(d)(i)5 marks· CAPE Economics Unit 1 · 2005 · Paper 2List FIVE factors that will influence the demand for digital cameras.
  10. 2(d)(ii)12 marks· CAPE Economics Unit 1 · 2005 · Paper 2Explain how FOUR of the factors listed in (d)(i) will affect the demand for digital cameras.
  11. 2(e)6 marks· CAPE Economics Unit 1 · 2005 · Paper 2With the aid of a diagram show how an increase in ONE of the four factors in (d)(ii) will affect the demand curve.
  12. 2(f)(i)5 marks· CAPE Economics Unit 1 · 2005 · Paper 2List FIVE factors that will influence the supply of digital cameras.
  13. 2(f)(ii)12 marks· CAPE Economics Unit 1 · 2005 · Paper 2Explain how FOUR of the factors listed in (f)(i) will affect the supply of digital cameras.
  14. 2(a)2 marks· CAPE Economics Unit 1 · 2006 · Paper 1Calculate the slope of the supply curve.
  15. 2(b)2 marks· CAPE Economics Unit 1 · 2006 · Paper 1Determine the equilibrium price using the data in Table 1.
  16. 2(c)2 marks· CAPE Economics Unit 1 · 2006 · Paper 1Explain why there will be a shortage of compact discs if they are sold at a price of $2.00 each.
  17. 1(a)(i)2 marks· CAPE Economics Unit 1 · 2006 · Paper 2Define 'equilibrium price'.
  18. 1(a)(iii)2 marks· CAPE Economics Unit 1 · 2006 · Paper 2Define 'price ceiling'.
  19. 1(b)(i)12 marks· CAPE Economics Unit 1 · 2006 · Paper 2Discuss four main factors that influence the demand for beef.
  20. 1(b)(ii)12 marks· CAPE Economics Unit 1 · 2006 · Paper 2Discuss four main factors that influence the supply of beef.
  21. 1(c)(i)6 marks· CAPE Economics Unit 1 · 2006 · Paper 2Explain why all low-income families may not be able to increase their milk consumption.
  22. 1(c)(ii)4 marks· CAPE Economics Unit 1 · 2006 · Paper 2Explain how consumers and producers will react to the price ceiling.
  23. 1(e)(i)a)5 marks· CAPE Economics Unit 1 · 2007 · Paper 2Using the data from Table 2, draw a diagram showing the demand curve and supply curve for housing.
  24. 1(e)(i)b)2 marks· CAPE Economics Unit 1 · 2007 · Paper 2Indicate the equilibrium price and equilibrium quantity of housing on the diagram.
  25. 1(e)(ii)a)3 marks· CAPE Economics Unit 1 · 2007 · Paper 2Show a government-imposed price ceiling of $110 on rent on the diagram drawn in (e)(i).
  26. 1(e)(ii)b)i)6 marks· CAPE Economics Unit 1 · 2007 · Paper 2State the likely effects of the rent price ceiling on the availability of housing.
  27. 1(e)(ii)b)ii)6 marks· CAPE Economics Unit 1 · 2007 · Paper 2State the likely effects of the rent price ceiling on consumer surplus and producer surplus.
  28. 2(d)(i)2 marks· CAPE Economics Unit 1 · 2007 · Paper 2State the formula for calculating price elasticity of demand when the manufacturer sells 30 garments at 4 per garment and 25 garments at 5 per garment.
  29. 2(d)(ii)5 marks· CAPE Economics Unit 1 · 2007 · Paper 2Calculate the elasticity of demand and state the effect on total revenue of an increase in price.
  30. 3(b)(i)8 marks· CAPE Economics Unit 1 · 2007 · Paper 2Draw a diagram showing the effect of the tax on the cigarette market.
  31. 3(b)(ii)a)3 marks· CAPE Economics Unit 1 · 2007 · Paper 2Discuss the effect of the tax on the quantity of cigarettes bought and sold.
  32. 3(b)(ii)b)3 marks· CAPE Economics Unit 1 · 2007 · Paper 2Discuss the effect of the tax on the price paid by the buyer.
  33. 3(b)(ii)c)3 marks· CAPE Economics Unit 1 · 2007 · Paper 2Discuss the effect of the tax on the net price received by the seller after tax remittance.
  34. 2(a)(i)10 marks· CAPE Economics Unit 1 · 2008 · Paper 2Demand
  35. 2(a)(ii)8 marks· CAPE Economics Unit 1 · 2008 · Paper 2Supply
  36. 2(a)(iii)10 marks· CAPE Economics Unit 1 · 2008 · Paper 2Quantity bought and sold
  37. 2(a)(iv)10 marks· CAPE Economics Unit 1 · 2008 · Paper 2Price
  38. 2(b)12 marks· CAPE Economics Unit 1 · 2008 · Paper 2Analyze the likely effects of an increase in oil prices on the market for food.
  39. 1(a)(i)2 marks· CAPE Economics Unit 1 · 2009 · Paper 2Define the term 'market'.
  40. 1(a)(ii)a)8 marks· CAPE Economics Unit 1 · 2009 · Paper 2Using a demand and supply diagram, explain how the market allocates scarce resources in equilibrium.
  41. 1(a)(ii)b)8 marks· CAPE Economics Unit 1 · 2009 · Paper 2Using the demand and supply diagram, explain how the market allocates scarce resources in disequilibrium.
  42. 1(a)(ii)c)8 marks· CAPE Economics Unit 1 · 2009 · Paper 2Explain the effect on equilibrium of a fall in the demand for the commodity using a demand and supply diagram.
  43. 1(b)(i)6 marks· CAPE Economics Unit 1 · 2009 · Paper 2With reference to the market for milk, explain the economic effect of an effective price floor.
  44. 1(b)(ii)12 marks· CAPE Economics Unit 1 · 2009 · Paper 2Explain how an effective price floor leads to inefficient resource allocation.
  45. 2(a)(i)2 marks· CAPE Economics Unit 1 · 2009 · Paper 2Define the term 'supply'.
  46. 2(a)(ii)6 marks· CAPE Economics Unit 1 · 2009 · Paper 2Explain the law of supply.
  47. 2(a)(iii)6 marks· CAPE Economics Unit 1 · 2009 · Paper 2Explain how a change in supply differs from a change in the quantity supplied.
  48. 2(b)(i)4 marks· CAPE Economics Unit 1 · 2009 · Paper 2Identify four major factors, other than the price of eggs, that influence the supply of eggs.
  49. 2(b)(ii)12 marks· CAPE Economics Unit 1 · 2009 · Paper 2State how each of the four factors identified in (b)(i) influences supply.
  50. 2(c)20 marks· CAPE Economics Unit 1 · 2009 · Paper 2Explain why each factor in (b)(i) influences supply the way it does.
  51. 2(a)(iii)4 marks· CAPE Economics Unit 1 · 2010 · Paper 2Explain how a 'change in demand' differs from a 'change in the quantity demanded'.
  52. 2(b)(i)3 marks· CAPE Economics Unit 1 · 2010 · Paper 2Identify THREE factors, other than the price of beef, that influence the demand for beef.
  53. 2(b)(ii)12 marks· CAPE Economics Unit 1 · 2010 · Paper 2Discuss why EACH factor identified in 2(b)(i) influences the demand for beef.
  54. 2(b)(i)4 marks· CAPE Economics Unit 1 · 2011 · Paper 2Draw a demand and supply diagram for a good.
  55. 2(b)(ii)a)4 marks· CAPE Economics Unit 1 · 2011 · Paper 2Use the demand and supply diagram to explain the effect on equilibrium price and quantity of an increase in consumer income.
  56. 2(b)(ii)b)4 marks· CAPE Economics Unit 1 · 2011 · Paper 2Use the demand and supply diagram to explain the effect on equilibrium price and quantity of an improvement in the technology used in producing a good.
  57. 1(a)(i)2 marks· CAPE Economics Unit 1 · 2013 · Paper 2Define demand.
  58. 1(a)(ii)2 marks· CAPE Economics Unit 1 · 2013 · Paper 2Define supply.
  59. 1(a)(iii)2 marks· CAPE Economics Unit 1 · 2013 · Paper 2Define equilibrium.
  60. 1(b)2 marks· CAPE Economics Unit 1 · 2013 · Paper 2Copy and complete the table to show the market demand for ice cream.
  61. 1(c)6 marks· CAPE Economics Unit 1 · 2013 · Paper 2Carefully draw and label a graph showing: (i) equilibrium (ii) equilibrium price (iii) equilibrium quantity.
  62. 1(d)(i)7 marks· CAPE Economics Unit 1 · 2013 · Paper 2Referring to your graph in (c), explain how the increase in taxes will affect the market supply for ice cream.
  63. 2(b)(i)4 marks· CAPE Economics Unit 1 · 2013 · Paper 2Identify ONE factor that causes a movement along the supply curve and explain how the change is caused.
  64. 2(b)(ii)8 marks· CAPE Economics Unit 1 · 2013 · Paper 2Identify TWO factors that cause the supply curve to shift to the left or right, and explain how the change is caused.
  65. 2(c)(ii)5 marks· CAPE Economics Unit 1 · 2014 · Paper 2The government imposes an effective price floor in the cow leather market. Using a well-labelled diagram, illustrate consumer surplus after the price floor is implemented.
  66. 2(a)(i)2 marks· CAPE Economics Unit 1 · 2015 · Paper 2Define the term 'market equilibrium'.
  67. 2(a)(ii)5 marks· CAPE Economics Unit 1 · 2015 · Paper 2Copy and complete Table 2 to show the quantity of pens demanded and supplied at prices 1, 2, 3, and 4.
  68. 2(a)(iii)a)3 marks· CAPE Economics Unit 1 · 2015 · Paper 2Using the data from Table 2, draw a diagram displaying the demand curve and supply curve for pens.
  69. 2(a)(iii)b)2 marks· CAPE Economics Unit 1 · 2015 · Paper 2Indicate the equilibrium price and quantity on the diagram drawn.
  70. 2(a)(iv)a)1 mark· CAPE Economics Unit 1 · 2015 · Paper 2If the government sets a price of $2 per pen, state the name of this type of price intervention.
  71. 2(a)(iv)b)3 marks· CAPE Economics Unit 1 · 2015 · Paper 2Explain, giving details, the market outcome at this price of $2 per pen.
  72. 2(b)(i)5 marks· CAPE Economics Unit 1 · 2015 · Paper 2Illustrate the effect of the $1 specific tax on the diagram drawn in (a)(iii).
  73. 1(a)(i)2 marks· CAPE Economics Unit 1 · 2017 · Paper 2Define the term 'price elasticity of supply'.
  74. 1(b)(ii)8 marks· CAPE Economics Unit 1 · 2017 · Paper 2Use the information in Table 1 to calculate the price elasticity of supply when the price changes from 9 to 10. Interpret your results.
  75. 1(a)(ii)2 marks· CAPE Economics Unit 1 · 2018 · Paper 2Define the term 'producer surplus'.
  76. 1(c)10 marks· CAPE Economics Unit 1 · 2018 · Paper 2With the aid of a well-labelled diagram, assess the total welfare effect of the imposition of an indirect tax on candy bars.
  77. 1(c)12 marks· CAPE Economics Unit 1 · 2021 · Paper 2With the aid of a fully labelled diagram, analyse the impact of a price floor of $700 on this market. Include a definition of the term 'price floor'.

Related topics in Methodology: Demand and Supply