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5 marksNon-Price Determinants of Demand and Supply

CSEC Economics · May/June 2015 · Paper 2 · Question 5(d)

Using a diagram, illustrate the impact of a rise in the cost of production in a free market economy on BOTH the equilibrium price and the equilibrium quantity.

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Other parts of this question

  1. 5(a)(i)Define the term 'Ceteris paribus'.[2 marks]
  2. 5(a)(ii)Define the term 'Income elasticity of demand'.[2 marks]
  3. 5(b)List THREE characteristics of a monopolist.[3 marks]
  4. 5(c)(i)Externalities[4 marks]
  5. 5(c)(ii)Monopolies[4 marks]

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