If the demand for a product increases, then we would expect equilibrium price
A)to increase and equilibrium quantity to decrease.
B)to decrease and equilibrium quantity to increase.
C)and equilibrium quantity both to increase.
D)and equilibrium quantity both to decrease.

Question

Quizplus · Accepted Answer

When demand for a product increases, it typically leads to a higher equilibrium price because consumers are willing to pay more for the product. Additionally, the quantity of the product supplied at the new equilibrium also increases to meet the higher demand.

If the Demand for a Product Increases, Then We Would