Asked by
Neville Partogi
on Nov 04, 2024Verified
When the supply of blueberries increases while the demand for blueberries also increases, the equilibrium ________ of blueberries will definitely ________, ceteris paribus.
A) price; increase
B) price; decrease
C) quantity; increase
D) quantity; decrease
Equilibrium Quantity
The amount of goods or services supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.
Demand Increases
A situation in which the quantity of a product or service that consumers are willing and able to buy at a specific price rises.
- Acquire insight into the notion of market equilibrium and how alterations in supply and demand can alter the equilibrium price and quantity.
Verified Answer
PS
Learning Objectives
- Acquire insight into the notion of market equilibrium and how alterations in supply and demand can alter the equilibrium price and quantity.
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