Economics 9708 · AS & A Level · Demand and supply curves

Demand and supply curves — practice question

The diagram illustrates a market for wheat. What happens to the demand for and supply of wheat when the price of wheat falls from P2 to P1?

  • Ademand elastic; supply elastic
  • Bdemand elastic; supply inelastic
  • Cdemand inelastic; supply elastic
  • Ddemand inelastic; supply inelastic

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