Table 1 shows the weekly demand and supply for trays of vegetable seedlings in a town. Sellers are free to change their prices. The current price is £8 per tray.
| Price per tray | Quantity demanded per week | Quantity supplied per week |
|---|---|---|
| £8 | 1,100 | 700 |
| £10 | 900 | 900 |
| £12 | 700 | 1,100 |
Which combination of price and weekly quantity traded will this market move to?
Price rises to £12 and 1,100 trays are traded each week
Price rises to £10 and 900 trays are traded each week
Price rises to £10 and 1,100 trays are traded each week
Price stays at £8 and 700 trays are traded each week
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.