Asked by
JACKSON RENNIE (Student)
on Nov 05, 2024
Verified
Which of the following will definitely occur when there is a simultaneous increase in demand and an increase in supply?
A) an increase in equilibrium price
B) a decrease in equilibrium price
C) an increase in equilibrium quantity
D) a decrease in equilibrium quantity
Equilibrium Quantity
At the market price, the amount of goods or services available perfectly matches the amount consumers want to buy.
Simultaneous Increase
A scenario where two or more variables or quantities rise at the same time.
- Absorb the concept of market equilibrium and explore how changes in supply and demand can impact the equilibrium price and quantity.
Verified Answer
EM
Learning Objectives
- Absorb the concept of market equilibrium and explore how changes in supply and demand can impact the equilibrium price and quantity.