Many qualified forklift drivers move into a town to look for work. Employers’ demand for forklift drivers in the town does not change. At the wage that cleared the town’s market for forklift drivers before they arrived, what is now most likely?
Excess demand for labour, pushing the wage up
Excess supply of labour, pushing the wage down
No excess supply or demand, as labour demand is unchanged
Excess supply of labour, reducing the number employed
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.