The table shows weekly demand and supply in the market for cordless desk lamps. The current market price is £30 per lamp.
| Price per lamp | Quantity demanded per week | Quantity supplied per week |
|---|---|---|
| £24 | 800 | 800 |
| £30 | 650 | 950 |
Using the data, explain how market forces are likely to move this market from its current price to equilibrium.
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.