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Cambridge IGCSE Economics

2.4Price determination

Price determination in Cambridge IGCSE Economics: what the syllabus expects you to know, the learning objectives and how to practise.
Subtopic18 practice questions1 lesson
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Learning objectives

What the syllabus expects you to be able to do.

  1. 2.4.1Explain how the price mechanism answers what, how and for whom to produce.
  2. 2.4.2Define market equilibrium and interpret it from schedules and from demand and supply curves.
  3. 2.4.3Define disequilibrium and interpret shortages and surpluses from schedules and diagrams.

Lessons

  • Market equilibrium, shortages and surpluses

    25 min

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Sample question

A sample question on this topic. Answer it, check it, then read the worked answer.

Price determination: sample question

1 mark

The table shows the daily market for cabbages in a fictional town.

Price per cabbage (US$) Quantity demanded (per day) Quantity supplied (per day)
0.35 1,180 620
0.45 1,040 760
0.55 900 900
0.65 760 1,040
0.75 620 1,180

What is the equilibrium price?

Choose one answer

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