Repair shops in a town offer appointments for a standard bicycle service at the current market price. The observations below all refer to one week.
Which observation shows that there is excess demand in this market?
Some appointments offered by repair shops remain unbooked at the end of that week.
Many customers would like a service that week but cannot afford the current price.
Some customers who are willing to pay the current price cannot get an appointment that week.
More customers try to book a service that week than tried the previous week.
236 exam-style questions on AQA GCSE Economics 1.3 How prices are determined, covering 1.3.1a Demand and the factors that influence it, 1.3.1b The demand curve, 1.3.2a Supply and the factors that influence it, 1.3.2b The supply curve, 1.3.3a Determining equilibrium price, 1.3.3b Applying diagrams and showing revenue, 1.3.4a Complements and substitutes, 1.3.4b Effects of changes on related markets, 1.3.5a Price elasticity of demand, 1.3.5b Factors affecting price elasticity of demand, 1.3.5c Measuring PED and its implications, 1.3.6a Price elasticity of supply, 1.3.6b Factors affecting price elasticity of supply, and 1.3.6c Measuring PES and its implications. Each one has a worked solution and a mark scheme showing where the marks go.