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2 marksMarket Equilibrium

CAPE Economics Unit 1 · 2005 · Paper 2 · Question 2(a)(ii)

Questions on demand, supply, and equilibrium in the digital camera market.

Define the term 'Supply'.

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Other parts of this question

  1. 2(a)(i)Define the term 'Demand'.[2 marks]
  2. 2(b)Briefly explain the difference between a 'change in demand' and a 'change in the quantity demanded'.[2 marks]
  3. 2(c)(i)Copy the provided diagram representing demand and supply for digital cameras into your answer booklet.[2 marks]
  4. 2(c)(ii)Identify the equilibrium price and state the quantity of digital cameras traded at that price.[2 marks]
  5. 2(d)(i)List FIVE factors that will influence the demand for digital cameras.[5 marks]
  6. 2(d)(ii)Explain how FOUR of the factors listed in (d)(i) will affect the demand for digital cameras.[12 marks]
  7. 2(e)With the aid of a diagram show how an increase in ONE of the four factors in (d)(ii) will affect the demand curve.[6 marks]
  8. 2(f)(i)List FIVE factors that will influence the supply of digital cameras.[5 marks]
  9. 2(f)(ii)Explain how FOUR of the factors listed in (f)(i) will affect the supply of digital cameras.[12 marks]

More practice: the rest of this paper · more Market Equilibrium questions · all CAPE Economics Unit 1 past papers