Question 12
At a weekly wage of £12, 80 workers supply their labour and firms demand 140 workers. Which statement is correct?
There is an excess supply of 60 workers, creating downward pressure on wages.
There is an excess demand of 220 workers, creating upward pressure on wages.
The labour market is in equilibrium because both curves cross at W*.
There is an excess demand of 60 workers, creating upward pressure on wages.
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.