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1.5 Competitive and concentrated markets

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Question 6

image At a weekly wage of £12, 80 workers supply their labour and firms demand 140 workers. Which statement is correct?

[1]
A

The labour market is in equilibrium because both curves cross at W*

B

There is an excess demand of 60 workers, creating upward pressure on wages

C

There is an excess demand of 220 workers, creating upward pressure on wages

D

There is an excess supply of 60 workers, creating downward pressure on wages

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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