The weekly demand and supply for electric kettles are shown in the table.
| Price (£) | Quantity demanded per week | Quantity supplied per week |
|---|---|---|
| 28 | 570 | 310 |
| 34 | 420 | 420 |
| 40 | 320 | 500 |
| 46 | 230 | 640 |
Analyse the adjustment from a market price of £40 to equilibrium.
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.