Conference venues in a city employ audio-visual technicians. The current hourly wage is £18.00. The table shows the weekly quantities of technician labour demanded and supplied at two wage rates.
| Hourly wage | Labour demanded per week | Labour supplied per week |
|---|---|---|
| £18.00 | 1,300 hours | 850 hours |
| £20.50 | 1,050 hours | 1,050 hours |
Calculate the excess demand for audio-visual technician labour at the current hourly wage.
Explain how this labour market is likely to adjust to equilibrium. Use the data in your answer.
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.