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2.4 Price

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Question 42

At £5, quantity demanded is 700 units and quantity supplied is 500 units. At £7, both are 600 units. What is the equilibrium?

[1]
A

£5 and 500 units

B

£5 and 700 units

C

£7 and 600 units

D

£7 and 1,200 units

Markscheme

2.4 Price Questions

  1. GCSE
  2. /Economics
  3. /2.4 Price

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.

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