Consider the global market for some mineral,X.In January,2017,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2019,the equilibrium price and quantity were P = $45 per unit and Q = 175 million units.Which of the following is the best possible explanation for this change in market equilibrium?

Question

Quizplus · Accepted Answer

The increase in price and quantity suggests that there has been an increase in demand for mineral X, which has caused upward pressure on price and an increase in the quantity traded.

Consider the Global Market for Some Mineral,X