Market data for wooden desks show that the equilibrium price has risen while the equilibrium quantity has fallen. Only one of the demand and supply curves has shifted.
Which change in the market for wooden desks caused this?
An increase in supply
An increase in demand
A decrease in supply
A decrease in demand
75 exam-style questions on OCR GCSE Economics 2.4 Price, covering 2.4.1 Price and distribution of resources, 2.4.2 Equilibrium price and quantity, 2.4.3 Draw the interaction of demand and supply, 2.4.4 Analyse the interaction of demand and supply, 2.4.5 Role of markets in allocating resources, and 2.4.6 Market forces and equilibrium. Each one has a worked solution and a mark scheme showing where the marks go.