In a region's market for firewood logs during a cold spell, consumers want to buy 9,200 nets of logs per week at a price of £7 per net, but suppliers offer only 6,500 nets per week at that price.
Explain what is likely to happen to the price and quantities as market forces operate.
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.