Which of the following statements is true of a market?
A) An increase in demand, with no change in supply, will increase the equilibrium price and quantity.
B) An increase in supply, with no change in demand, will decrease the equilibrium price and the equilibrium quantity.
C) A decrease in supply, with no change in demand, will decrease the equilibrium price and increase the equilibrium quantity.
D) All of these.

Question

Quizplus · Accepted Answer

An increase in demand, with no change in supply, typically leads to a higher equilibrium price and quantity, as more consumers are willing to buy the product at higher prices.

Which of the Following Statements Is True of a Market