A town's bread market has the following daily demand and supply.
| Price per loaf | Quantity demanded (loaves per day) | Quantity supplied (loaves per day) |
|---|---|---|
| £0.80 | 900 | 300 |
| £1.00 | 750 | 450 |
| £1.20 | 600 | 600 |
| £1.40 | 450 | 750 |
Using the information above, give the equilibrium price and the equilibrium quantity.
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.