If demand for a product increases, ceteris paribus, the equilibrium

Name: If demand for a product increases, ceteris paribus, the equilibrium
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An increase in demand means that buyers are willing and able to purchase more of the product at any price, leading to a shortage of the product. To eliminate the shortage, sellers raise the price until the quantity supplied equals the quantity demanded, resulting in a higher equilibrium price.

If Demand for a Product Increases, Ceteris Paribus, the Equilibrium