The current market price for a window-cleaning appointment in a town is £25. Table 1 shows the weekly demand and supply schedule.
| Price per appointment | Quantity demanded per week | Quantity supplied per week |
|---|---|---|
| £20 | 630 | 270 |
| £25 | 540 | 360 |
| £30 | 450 | 450 |
| £35 | 360 | 540 |
Explain how market forces will move the market from its current price towards equilibrium. Use the data in Table 1 in your answer.
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.