Demand for printed maps falls while new technology increases their supply. What can be concluded about the new equilibrium?
Price falls, while the effect on quantity depends on the relative size of the shifts
Price rises and quantity falls
Quantity rises, while the effect on price is uncertain
Both price and quantity must fall
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.