An increase in demand for chocolate chips would usually result in a(n)

Question

Quizplus · Accepted Answer

An increase in demand results in a shift of the demand curve to the right, leading to a higher equilibrium price and a higher equilibrium quantity. This is because consumers are willing to pay more for the same quantity of chocolate chips due to the increase in demand. Therefore, the equilibrium point moves along the supply curve to a higher price and quantity level.

An Increase in Demand for Chocolate Chips Would Usually Result