DP Economics

Test builder »

Question 18M.1.SL.TZ2.a

Select a Test
Date May 2018 Marks available [Maximum mark: 10] Reference code 18M.1.SL.TZ2.a
Level SL Paper 1 Time zone TZ2
Command term Explain Question number a Adapted from N/A
a.
[Maximum mark: 10]
18M.1.SL.TZ2.a

Explain how the price elasticity of demand for a good might be affected by the number and closeness of substitutes.

[10]

Markscheme

Answers may include:

  • definitions of price elasticity of demand and substitutes
  • diagram of goods with different price elasticities of demand.
  • explanation that the more close substitutes a good has the more price elastic its demand tends to be
  • examples of how the number of substitutes a good has affects its price elasticity of demand.

Marks should be allocated according to the Paper 1 markbands for May 2013 forward, part A.

Syllabus sections