The table shows employers' and workers' plans in the labour market for museum visitor assistants in a town. The current hourly wage is £13.
| Hourly wage | Labour demanded | Labour supplied |
|---|---|---|
| £13 | 90 workers | 60 workers |
What is most likely to happen as this labour market moves towards equilibrium?
The wage is likely to rise because there is excess supply of labour
The wage is likely to rise because there is excess demand for labour
The wage is likely to fall because there is excess supply of labour
The wage is likely to fall because there is excess demand for labour
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.