Demand for trained electricians increases while their supply is unchanged. What is the most likely effect?
The equilibrium wage and employment both fall
The wage falls and employment rises
The wage rises and employment falls
The equilibrium wage and employment both rise
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.