2 marksMarket Equilibrium
CAPE Economics Unit 1 · 2013 · Paper 2 · Question 1(a)(ii)
Definitions of market terms.
Define supply.
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 1(a)(i)Define demand.[2 marks]
- 1(a)(iii)Define equilibrium.[2 marks]
- 1(b)Copy and complete the table to show the market demand for ice cream.[2 marks]
- 1(c)Carefully draw and label a graph showing: (i) equilibrium (ii) equilibrium price (iii) equilibrium quantity.[6 marks]
- 1(d)(i)Referring to your graph in (c), explain how the increase in taxes will affect the market supply for ice cream.[7 marks]
- 1(d)(ii)State whether the government's objectives of reducing obesity and raising revenue have been achieved, justifying your answer.[4 marks]
More practice: the rest of this paper · more Market Equilibrium questions · all CAPE Economics Unit 1 past papers