Question 14
Training becomes cheaper and more people qualify for this occupation, shifting labour supply from S₀ to S₁. What is the most likely result?
The equilibrium wage rises from W₁ to W₀ and employment falls.
The equilibrium wage falls from W₀ to W₁ and employment rises from L₀ to L₁.
Demand for labour shifts left and both wage and employment fall.
The wage remains unchanged because only labour supply has changed.
2.7 The labour market Questions
34 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.