The table shows the number of maintenance technicians that employers in a town want to hire and the number of people willing to work as maintenance technicians at different wage rates.
| Wage per hour | Labour demanded (workers) | Labour supplied (workers) |
|---|---|---|
| £16 | 900 | 700 |
| £18 | 800 | 800 |
| £20 | 700 | 900 |
| £22 | 600 | 1,000 |
A large hospital opens in the town. At every wage rate, employers now want to hire 200 more maintenance technicians than before. The supply of labour does not change.
What is the new equilibrium wage?
£20
£18
£16
£22
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.