A good season means beekeepers plan to sell more honey at every price. Separately, a change in consumer preferences means households plan to buy less honey at every price. No information is available about the relative sizes of these changes.
What can be concluded?
Equilibrium quantity must rise, while equilibrium price may rise or fall
Both equilibrium price and equilibrium quantity must fall
Equilibrium price must rise, while equilibrium quantity may rise or fall
Equilibrium price must fall, while equilibrium quantity may rise or fall
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.