A shortage exists at the current price in a freely adjusting market. What is most likely to restore equilibrium?
Price falls, reducing supply and raising demand
Demand and supply both shift left automatically
Government must provide the product
Price rises, reducing quantity demanded and increasing quantity supplied
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.