The table shows the labour market for bicycle mechanics in a town.
| Hourly wage | Labour demanded | Labour supplied |
|---|---|---|
| £16 | 96 workers | 48 workers |
| £18 | 72 workers | 72 workers |
| £20 | 48 workers | 96 workers |
What are the hourly wage and number of workers when there is neither excess demand nor excess supply of labour?
£16 and 96 workers
£20 and 48 workers
£20 and 96 workers
£18 and 72 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.