CIE IGCSE Topical Past Paper 2

2.5 Price determination 

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0455/22/O/N/23 

In 2020, Singapore experienced a decrease in both its population size and its labour force. 2020 was a year of great change in a number of Singaporean markets. Some moved from disequilibrium to equilibrium. Despite all these changes, Singapore managed to increase its exports of goods and services. 

b) Explain how a market moves from disequilibrium to equilibrium. [4] 

0455/23/O/N/22 

Washington State is the state which grows the most apples in the US. In 2019, apple production increased in Washington State but the market was in disequilibrium. Apple farming is a labour intensive industry because apples are picked by hand. The market for apples in the US is competitive. 

b) Define market disequilibrium. [2]