Ceteris paribus, if the market supply of a product increases, what will happen to the equilibrium quantity and price of the product?

Question

Quizplus · Accepted Answer

An increase in market supply means that there is more of the product available in the market, which shifts the supply curve to the right. This results in a decrease in equilibrium price as producers compete to sell their product. It also leads to an increase in equilibrium quantity as consumers are willing to purchase more of the product at the lower price.

Ceteris Paribus, If the Market Supply of a Product Increases