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2.7 The labour market

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Question 5

At the current weekly wage, local theatres want to employ 75 stage technicians, but only 50 people are willing to offer their labour.

How is this labour market most likely to move towards equilibrium?

[1]
A

Labour demand is likely to shift left because the current wage is too low.

B

Labour supply is likely to shift right without any change in the wage.

C

Stage technicians are likely to accept a lower wage because vacancies are scarce.

D

Employers are likely to offer a higher wage to attract more stage technicians.

Markscheme

2.7 The labour market Questions

  1. GCSE
  2. /Economics
  3. /2.7 The labour market

80 exam-style questions on OCR GCSE Economics 2.7 The labour market, covering 2.7.1 Role and operation of the labour market, 2.7.2 Determination of wages, 2.7.3 Explain gross and net pay, and 2.7.4 Calculate gross and net pay. Each one has a worked solution and a mark scheme showing where the marks go.

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