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EnglandEconomicsQuick questions
1.4-1.7 How markets work
Quick questions on Price determination - OCR GCSE Economics (J205)
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
A market has a price above equilibrium. State whether there is a surplus or a shortage and what happens to price. [2 marks]
What is q2?Show answer
Demand for a good rises. Explain the effect on equilibrium price and quantity. [3 marks]
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