The table shows the monthly demand and supply for waterproof jackets.
| Price per jacket | Quantity demanded (jackets per month) | Quantity supplied (jackets per month) |
|---|---|---|
| £28 | 2,000 | 800 |
| £32 | 1,700 | 1,100 |
| £36 | 1,400 | 1,400 |
| £40 | 1,100 | 1,700 |
What is the equilibrium price of waterproof jackets?
£40 per jacket
£28 per jacket
£32 per jacket
£36 per jacket
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.