New technology lowers the cost of producing batteries, while demand is unchanged. What is the most likely result?
Equilibrium price rises and quantity falls
Equilibrium price falls and quantity rises
Both equilibrium price and quantity fall
Equilibrium price is unchanged and quantity rises
30 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.