A storm shifts the supply of fish left. At the same time, a report warning about fish consumption shifts demand left. What can be concluded?
Equilibrium price must rise and quantity must fall
Equilibrium price must fall and quantity must rise
Both equilibrium price and quantity are uncertain
Equilibrium quantity falls, but the effect on equilibrium price is uncertain
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.