What will happen to the equilibrium price and quantity of healthcare if the population increases? a....
What will happen to the equilibrium price and quantity of healthcare if the population increases? a. Price will increase, quantity will be unchanged b. Price will decrease, quantity will be unchanged c. Price will increase, quantity will decrease d. Price will increase, quantity will increase e. None of the above.
Homework Answers
Option D is correct - Price will increase , quantity will increase
With increase in population the demand for healthcare will increase. The demand curve will shift upward to the right. Supply being the same , the new demand curve will intersect supply curve at the point where price is higher than before and quantity is higher too.
Thus increase in population will increase the price as well as quantity.
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What will happen to the equilibrium price and quantity of
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