The table below shows the weekly quantity demanded and quantity supplied of lithium carbonate, a key raw material for electric vehicle batteries, at various prices per kg.
| Price per kg ($) | Quantity Demanded ('000 kg) | Quantity Supplied ('000 kg) |
|---|---|---|
| 40 | 500 | 140 |
| 60 | 420 | 220 |
| 80 | 340 | 300 |
| 100 | 260 | 380 |
| 120 | 180 | 460 |
What is the state of the market for lithium carbonate at a price of $100 per kg?
Excess demand of 120 thousand kg
Excess supply of 380 thousand kg
Excess supply of 120 thousand kg
Excess demand of 260 thousand kg
11 exam-style questions on OCR A Level Economics The interaction of markets. Each one has a worked solution and a mark scheme showing where the marks go.