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1.5 Competitive and concentrated markets

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Question 99

image Demand for the product made by these workers rises, shifting labour demand from D₀ to D₁. What is the most likely result?

[1]
A

Employment rises, but the equilibrium wage must remain at W₀

B

The equilibrium wage falls from W₁ to W₀ and employment falls from L₁ to L₀

C

The equilibrium wage rises from W₀ to W₁ and employment rises from L₀ to L₁

D

The supply of labour shifts right and the equilibrium wage falls

Markscheme

1.5 Competitive and concentrated markets Questions

  1. GCSE
  2. /Economics
  3. /1.5 Competitive and concentrated markets

149 exam-style questions on AQA GCSE Economics 1.5 Competitive and concentrated markets, covering 1.5.1a The range of market structures, 1.5.1b Distinguishing between market structures, 1.5.2a Characteristics of a competitive market, 1.5.2b How producers operate in competitive markets, 1.5.2c The economic impact of competition, 1.5.3a Characteristics of a non-competitive market, 1.5.3b How producers operate in non-competitive markets, 1.5.3c Monopoly and oligopoly, 1.5.4a The labour market and wage determination, and 1.5.4b Gross and net pay. Each one has a worked solution and a mark scheme showing where the marks go.

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