Consider the global market for some mineral,X.In January,2014,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2016,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

An increase in equilibrium price and quantity indicates that there has been an increase in demand for mineral X, leading to a shift of the demand curve to the right. This could be due to various factors such as increased use of mineral X in production, or growing demand from emerging markets.

Consider the Global Market for Some Mineral,X