A wildlife boat operator has 60 places on each trip. The number of consumers willing and able to pay £20 for a place changed after a promotion.
| Consumers willing and able to pay £20 | |
|---|---|
| Before the promotion | 55 |
| After the promotion | 90 |
The price of a place rises from £20 to £28.
Explain what the rise in the trip price may show about the trip's worth to consumers. Use the information in the table.
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.