If there were an increase in the market demand for a product with no change in market supply, the equilibrium price would:

Name: If there were an increase in the market demand for a product with no change in market supply, the equilibrium price would:
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Question

Quizplus · Accepted Answer

When market demand for a product increases without any change in market supply, the equilibrium price rises due to higher demand, and the equilibrium quantity also increases as suppliers produce more to meet the increased demand.

If There Were an Increase in the Market Demand for a Product