Interrelationship Between Markets (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
In joint supply, what happens to by-product price when demand for the main product increases?
In joint supply, what happens to by-product price when demand for the main product increases?
By-product price falls
Which pair demonstrates joint supply?
Which pair demonstrates joint supply?
Beef production and leather supply
What characterizes competitive demand between two goods?
What characterizes competitive demand between two goods?
Consumers view them as substitutes
What is composite demand?
What is composite demand?
A good with multiple different uses
How do biofuels illustrate composite demand?
How do biofuels illustrate composite demand?
Crops used for fuel reduce food supply
What is derived demand?
What is derived demand?
Demand for inputs to make final products
Why have agricultural prices historically fallen relative to manufactured goods?
Why have agricultural prices historically fallen relative to manufactured goods?
Supply shifts exceeded demand shifts
What causes short-run agricultural price volatility?
What causes short-run agricultural price volatility?
Weather and harvest variations
What does positive cross elasticity of demand indicate?
What does positive cross elasticity of demand indicate?
Goods are substitutes
If cross elasticity is , what happens when good B's price rises 10%?
If cross elasticity is , what happens when good B's price rises 10%?
Good A's demand increases 8%