Why may a high market price indicate that consumers place a high worth on a product?
High prices always mean production costs are zero
Worth and price are identical for every consumer
Consumers willing to pay the price reveal strong preferences relative to availability
A high price guarantees resources are distributed equally
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.