Asked by
Isabella Speed
on Dec 11, 2024
Verified
If the demand for a good increased, what would be the effect on the equilibrium price and quantity?
A) Price would increase, and quantity would decrease.
B) Price would decrease, and quantity would decrease.
C) Price would increase, and quantity would increase.
D) Price would decrease, and quantity would increase.
Demand
The amount of a product or service that buyers are ready and capable of buying at different price levels over a specific timeframe.
- Acknowledge the impact of supply and demand evolution on market equilibrium prices and quantities.
- Examine the influence on market conditions following alterations in consumer desires and income levels.
Verified Answer
FL
Learning Objectives
- Acknowledge the impact of supply and demand evolution on market equilibrium prices and quantities.
- Examine the influence on market conditions following alterations in consumer desires and income levels.