At £5, Firm A supplies 30 units and Firm B supplies 20 units. At £7, they supply 45 and 35 units respectively. If only price changes, what happens to market supply?
Market supply shifts right from 50 units to 80 units
There is a movement up the market supply curve from 50 units to 80 units
There is a movement down the market supply curve from 80 units to 50 units
Market supply shifts left because firms supply more
36 exam-style questions on OCR GCSE Economics 2.3 Supply, covering 2.3.1 What is supply, 2.3.2 Draw a supply curve using data, 2.3.3 Explain a supply curve, 2.3.4 Shifts and movements of the supply curve, 2.3.5 Causes and consequences of supply changes, 2.3.6 Price elasticity of supply, 2.3.7 Draw supply curves of different elasticity, and 2.3.8 Importance of price elasticity of supply. Each one has a worked solution and a mark scheme showing where the marks go.