At £4, quantity demanded is 900 units and quantity supplied is 600 units. Equilibrium occurs at £6 and 750 units. Which adjustment would move the market towards equilibrium?
Price falls, causing quantity demanded to rise and quantity supplied to fall
Demand shifts left until only 600 units are wanted
Price rises, causing quantity demanded to fall and quantity supplied to rise
Supply shifts right automatically because a shortage exists
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.