Question 1
1 markIn a market economy, what does the equilibrium price signify regarding the interaction between buyers and sellers?
Cambridge OCR GCSE (9-1) · Economics - J205
Price: Practice Questions
5 multiple-choice questions marked as you go, and 1 written questions with worked solutions. All on Price.
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Question 2
1 markIn a supply and demand diagram, if the demand curve shifts to the right while the supply curve remains unchanged, how will the equilibrium change?
Question 3
1 markIn the market for air travel, two events occur simultaneously: household incomes rise significantly and the price of jet fuel increases. What is the definite effect on the new market equilibrium?
Question 4
1 markIf the market price is currently set above the equilibrium price, what is the most likely outcome in a free market?
Question 5
1 markThe following table shows the demand and supply for a product:
Price (£): 10 | 12 | 14 | 16
Quantity Demanded: 100 | 80 | 60 | 40
Quantity Supplied: 40 | 60 | 80 | 100
What are the equilibrium price and quantity?
Question 6
5 marksIn the market for coffee, the current price is significantly higher than the equilibrium price.
a) Describe the market condition that exists at this price and explain how market forces will lead to a change in price.
b) Explain the effect on the equilibrium price and quantity of coffee if there is a sudden increase in the cost of coffee beans.
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