Economics 0455 · IGCSE · Price determination

Price determination — practice question

The table lists the quantities of tomatoes demanded and supplied at various prices. The starting equilibrium occurs at a price of $40$. In the next year, improved harvesting raises supply by $50\%$ at every price. What will happen to the suppliers’ total revenue?

  • AIt will fall by $10$.
  • BIt will fall by $40$.
  • CIt will rise by $10$.
  • DIt will rise by $200$.

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