The table shows the weekly demand and supply for boxes of beeswax candles. The current market price is £18.
| Price per box | Quantity demanded per week | Quantity supplied per week |
|---|---|---|
| £18 | 420 | 660 |
| £15 | 540 | 540 |
Using the data, explain how market forces are likely to move this market 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.