There will be a higher equilibrium price and quantity if _____.

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05-01-2021
Business

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There will be a higher equilibrium price and quantity if _____.

Sagot :

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Samawatiidn Samawatiidn · Answer 1 · 2021-01-06T03:45:45-05:00

Answer:

An increase in demand

Explanation:

At equilibrium quantity, there is no excess or shortage in supply. The quantity supplied match with quantity supplied. The equilibrium price is the prevailing market price where there no excess or shortage in demand or supply. At the equilibrium point, Both suppliers and buyers are happy with the current price and quantity supplied.

An increase in demand will make suppliers increase supply to meet the new high demand. As demand increases, prices tend to rise. An increase in demand, therefore, cause the equilibrium price and quantity to increase.

Sagot :

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