Demand for rental homes rises while building costs reduce their supply. What can be concluded about the new equilibrium?
Quantity rises, while the effect on price is uncertain
Price rises, while the effect on quantity depends on the relative size of the shifts
Price and quantity both rise
Price falls and quantity is uncertain
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.