Economics 2281 · O Level · Price changes

Price changes — practice question

The table presents the demand and supply schedules for rice. The present price is $2.00$ per kilo. What is likely to happen if the price falls to $1.00$ per kilo?

  • AThe demand schedule will shift to the left.
  • BThe market will move from shortage to surplus.
  • CThe market will move from surplus to shortage.
  • DThe supply schedule will shift to the right.

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI