Table 1 shows the weekly demand for and supply of qualified lift maintenance engineers in a region.
| Hourly wage | Engineers demanded | Engineers supplied |
|---|---|---|
| £23 | 190 | 170 |
| £24 | 180 | 180 |
| £25 | 170 | 190 |
| £26 | 160 | 200 |
Demand for lift maintenance services increases, so employers demand 20 more engineers at every wage rate. At the same time, 20 qualified engineers leave the region, reducing the number supplied at every wage rate by 20.
Using Table 1, which is most likely to be the new equilibrium wage?
£24 per hour
£26 per hour
£23 per hour
£25 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.