CAIE A-Level Economics AS 2.4.2 Demand Supply Shifts and Equilibrium Questions

Practise identifying demand and supply curve shifts, determining combined effects, and explaining new equilibrium price and quantity after market changes.

Exam points

Identify demand and supply curve shifts, determine their combined effects, and explain new equilibrium price and quantity.

[Maximum number: 1]

A company uses large amounts of gas to produce steel. Supplies of gas are reduced at the same time as the market for steel is hit by a recession.

What can be said about the likely changes in the market for steel?

equilibrium

price

equilibrium

quantity

falls

uncertain

rises

uncertain

falls

uncertain

rises

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CAIE A-Level Economics AS 2.4.2 Demand Supply Shifts and Equilibrium Questions question 1