Lift inspectors in one region require several years of training. Demand for workers has increased as firms expand their inspection work. At a wage of £24 an hour, employers want to hire 1,200 lift inspectors, while 800 people are willing and able to work.
Explain why wages for lift inspectors are likely to rise from £24 an 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.