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Pearson Edexcel International · IGCSE · Economics

The Market System: Supply and Price Mechanism
Practice Questions

40 Pearson Edexcel International IGCSE Economics questions on The Market System: Supply and Price Mechanism, each with instant feedback and a full examiner-style mark scheme.

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✨ Revision guide includes key terms, worked examples and exam technique for The Market System: Supply and Price Mechanism.

Try 2 sample questions on The Market System: Supply and Price Mechanism

Question 1 · 1 mark · Difficulty 1/3

What is meant by supply in economics?

  1. The quantity producers are willing and able to sell at each price
  2. The quantity consumers want to buy at each price
  3. The total amount of a good that exists in a country
  4. The price at which producers sell their whole output
Show answer & explanation
✓ Answer: A — The quantity producers are willing and able to sell at each price
Award 1 mark. Supply is the amount producers are willing and able to offer for sale at each possible price over a period. The quantity consumers want is demand, the total stock in a country is not supply at a price, and supply is a schedule of quantities, not a single price.
Question 2 · 1 mark · Difficulty 1/3

What is a subsidy?

  1. A tax on goods imported from abroad
  2. A legal limit on how much of a good is sold
  3. A loan from a bank to a new business
  4. A payment from government to producers to lower their costs
Show answer & explanation
✓ Answer: D — A payment from government to producers to lower their costs
Award 1 mark. A subsidy is money given by the government to producers, often per unit, which lowers their costs and encourages output. A tax on imports is a tariff, a limit on quantity is a quota, and a bank loan must be repaid.
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Pearson Edexcel International IGCSE Economics: The Market System: Supply and Price Mechanism FAQ

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Are the The Market System: Supply and Price Mechanism questions aligned to the official Pearson Edexcel International IGCSE Economics syllabus?
Every question is written against the published Pearson Edexcel International IGCSE Economics specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real Pearson Edexcel International paper. Explanations are written in the style of official examiner mark schemes — they tell you what is being awarded marks and why distractors are wrong, not just whether you got it right. The bank is continually refined to match the latest syllabus updates from Pearson Edexcel International.
How is The Market System: Supply and Price Mechanism typically tested on Pearson Edexcel International IGCSE Economics papers?
The Market System: Supply and Price Mechanism appears across multiple question types on real Pearson Edexcel International IGCSE Economics papers — most commonly as multiple-choice questions in the objective section, structured short-answer questions in the main paper, and occasionally as part of an extended response. Kramizo's practice bank reflects that mix: 4-option MCQs, true/false statements, fill-in-the-blank key terms, multi-select questions, and ordering questions. Working through the bank gives you exposure to every question style examiners actually use.

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