Table 1 shows the weekly demand and supply for boxes of dishwasher tablets.
| Price per box | Quantity demanded (boxes per week) | Quantity supplied (boxes per week) |
|---|---|---|
| £7 | 1,800 | 1,200 |
| £9 | 1,500 | 1,500 |
The current price is £7 per box. How is this market most likely to reach equilibrium?
Sellers raise the price towards £9, reducing quantity demanded and increasing quantity supplied.
Sellers cut the price below £7, increasing quantity demanded and reducing quantity supplied.
Sellers raise the price towards £9, increasing quantity demanded and reducing quantity supplied.
Sellers keep the price at £7, allowing quantity demanded and quantity supplied to become equal.
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.