Homework Answers
Answer) An increase in demand means that people are asking for more of good,as demand increases shortage will take place leading to increase in price, this shortage and subsequent increase in price will give an incentive for suppliers to produce more of the same good leading to increase in equilibrium quantity,thus equilibrium price and equilibrium quantity both will increase,in fact this the law of demand and supply is what determines shortages and surpluses,if demand increases and price does not increases,there will be shortage,leading to increase in equilibrium price and quantity.
So correct answer is option d) an increase:an increase.
Answer is complete.Thank you!
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