The market for bicycle-repair services has households as buyers and repair shops as sellers. In each possible change below, all other influences on demand and supply remain unchanged.
Which change would most likely result in both a higher equilibrium price and a greater equilibrium quantity?
A cycling campaign makes households want more bicycle-repair services at every price, while the number of repair shops and their costs remain unchanged
More bicycle-repair shops open, while households' willingness to buy bicycle-repair services remains unchanged
Repair shops face higher costs, while households' willingness to buy bicycle-repair services remains unchanged
Fewer households want bicycle-repair services at every price, while the number of repair shops and their costs remain unchanged
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.