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This test is run by .
Note that your final mark will not be saved in the system.

1.2.3 Markets Categorise

Target Level

Running Total

Attempt

1 of 1

Click on an item, then click on a category to place it. Or, drag and drop the item into the correct category. Organise all items before clicking 'Check'.

The market clearing price is where demand = supply, this is also known as the equilibrium. Identify the phrases which relate to demand and those that relate to supply.

SUPPLY

DEMAND

Too little = shortage

Price of complements

Changes in consumer income

VAT

Alternative brands

Costs of production

Shortages due to low prices

Demographics

Surplus due to high prices

Too much = surplus

Trends in fashion and tastes

Government subsidies

Price of substitutes

Introduction of new technology

Amount that customers are willing to buy at a given price

This is your 1^st attempt! You get 1 marks for each one you get right first time. Good luck!

Pass Mark

70%