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Sagot :
According to the law of demand, the demand for the product will decline if the price rises, all other things being equal.
What is the effect on equilibrium price and quantity of an increase in both supply and demand?
With everything else remaining constant, an increase in supply will result in a decrease in the equilibrium price and an increase in the amount required. The equilibrium price will increase as the supply declines, while the quantity needed will go down.
A rise in cost and an ambiguous impact on supply If a product has an upsloping supply curve and a downsloping demand curve, a rise in consumer income will If the product is a typical good, it will raise the equilibrium price and quantity.
This is known as the Law of Demand in economics. When prices increase, less is demanded in terms of quantity. The quantity requested rises when the price declines.
Learn more about Demand and Supply here:
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