In a free market for electric kettles, the price has settled at £25 per kettle.
Which of these would show that £25 is the equilibrium price?
Every buyer and every seller willing to trade at £25 finds someone to trade with
Sellers could raise the price above £25 and still sell every kettle
Every kettle that sellers offer at £25 is bought, so none are left unsold
Sellers chose £25 because it covers their cost of making each kettle
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.