Pearson Edexcel International A Level · Economics (YEC11)

Supply: Practice Questions

2 multiple-choice questions marked as you go, and 4 written questions with worked solutions. All on Supply.

6 questions18 marksFree, no account

Question 1

1 mark

Which of the following would cause a rightward shift in the market supply curve for electric vehicles?

Question 2

1 mark

Why is the price elasticity of supply (PES) typically greater in the long run compared to the short run?

Question 3

3 marks

Explain why a reduction in the costs of production for manufacturing goods would lead to a shift in the supply curve, rather than a movement along it.

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Question 4

4 marks

Why is the short-run Price Elasticity of Supply (PES) generally lower for a firm producing agricultural goods like fresh fish compared to a firm producing standard industrial widgets?

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Question 5

4 marks

(a) Define the term price elasticity of supply (\(PES\)).
(b) Identify two factors that determine whether the supply of a good is likely to be price elastic or price inelastic.

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Question 6

5 marks

A producer of solar panels faces the following market conditions:

(a) Explain how a significant decrease in the cost of solar panel manufacturing technology would affect the supply curve for solar panels. (2)

(b) Define Price Elasticity of Supply (PES) and explain two factors that determine whether the supply of solar panels is price elastic or price inelastic in the short run. (3)

Write your answer out first, then check it against the worked solution.

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