Table 1 shows the demand for and supply of bicycle mechanics in a region at different hourly wages.
| Hourly wage | Quantity of labour demanded | Quantity of labour supplied |
|---|---|---|
| £13 | 340 workers | 180 workers |
| £15 | 300 workers | 240 workers |
| £17 | 260 workers | 260 workers |
| £19 | 200 workers | 320 workers |
What is the equilibrium hourly wage for bicycle mechanics?
£17 per hour
£19 per hour
£13 per hour
£15 per hour
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.