Consider the market for a good that is initially in equilibrium.Which of these is most likely to occur if both demand and supply for this good increases during a particular point in time?

Question

Quizplus · Accepted Answer

When both demand and supply increase, it is likely that the equilibrium price will stay the same or may increase slightly due to the increase in demand, but the equilibrium quantity is definitely going to increase as both buyers and sellers are willing to trade more of the good at the prevailing price. Therefore, the correct answer is choice C.

Consider the Market for a Good That Is Initially in Equilibrium.Which