The table shows weekly demand and supply for one-hour music lessons.
| Price per lesson | Quantity demanded (lessons per week) | Quantity supplied (lessons per week) |
|---|---|---|
| £20 | 180 | 60 |
| £25 | 150 | 90 |
| £30 | 120 | 120 |
| £35 | 90 | 150 |
The equilibrium price and quantity are
£30 and 120 lessons per week
£35 and 90 lessons per week
£30 and 240 lessons per week
£25 and 90 lessons per week
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.