Question 7
[Maximum number: 1]
The diagram shows a market supply curve (S).
What is measured on the X -axis and the Y -axis?
X-axis
Y-axis
quantity
income
quantity
price
price
income
income
quantity
CAIE A-Level Economics 2.1.2 Individual and Market Demand and Supply
Practise interpreting individual demand and firm supply curves and aggregating their quantities horizontally at each price to construct market demand or market supply.
How this is tested
- read price on the vertical axis and quantity per period on the horizontal axis
- sum individual quantities demanded or supplied at the same price to form the market curve
- hold technology, factor prices and firm numbers constant while own price varies along supply