If Q2 presented a price ceiling:
In 2010, the Hong Kong Certificate of Education Examination (HKCEE) Economics Paper 2, Question 2, focused on the concept of . Specifically, it dealt with a scenario where a person has to decide how to allocate a limited resource—time—between two competing activities. hkcee 2010 econ paper 2 q2
| Price ($) | Quantity Demanded (units) | Quantity Supplied (units) | |-----------|---------------------------|---------------------------| | 2 | 120 | 40 | | 4 | 100 | 60 | | 6 | 80 (Equilibrium) | 80 (Equilibrium) | | 8 | 60 | 100 | | 10 | 40 | 120 | If Q2 presented a price ceiling: In 2010,