A ceramic studio lists a batch of numbered bowls at £80 each. No customers buy them at that price. The studio reduces the price to £55, and customers then buy the bowls.
Explain why the £80 listing alone does not show what the bowls are worth to consumers.
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.