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OCR GCSE Economics
2. The Role of Markets and Money
2.4 Price
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The equilibrium price is the price at which the quantity demanded equals the quantity
supplied
If the supply of a product decreases, the equilibrium price will
rise
How does technology typically influence prices?
Lowers them
What happens to prices when supply is inelastic and demand increases?
Rise more
The equilibrium price balances the interests of both consumers and producers.
True
Market forces are factors that affect supply and demand, leading to
price changes
.
True
Price elasticity measures the responsiveness of demand or
supply
to changes in price.
True
Government intervention always leads to efficient resource allocation.
False
What is the definition of "price"?
Amount a consumer pays
What happens to the equilibrium price of electric cars if environmental awareness increases demand?
Rises
Match the market force with its example:
Demand ↔️ Higher demand for electric cars
Supply ↔️ Lower supply of coffee beans
Consumer preferences ↔️ Increased preference for organic food
Technology ↔️ Advances in solar panel manufacturing
With inelastic demand, prices rise more in response to a decrease in
supply
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