In a coastal town, pay for port-logistics jobs rises. Employers' demand for ferry crew is unchanged. The table shows employers' and workers' plans for ferry crew after the rise in pay for port-logistics jobs.
| Wage per hour | Ferry crew workers demanded per week | Ferry crew workers supplied per week |
|---|---|---|
| £14 | 600 | 200 |
| £16 | 500 | 300 |
| £18 | 400 | 400 |
Using the table, identify the market-clearing wage and number of ferry crew workers employed per week after the rise in pay for port-logistics jobs, and explain why these differ from the initial position of £16 per hour and 500 workers.
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.