Suppose a market were currently at equilibrium. An outward shift of the demand curve would cause A) a decrease in both p...
Suppose a market were currently at equilibrium. An outward shift of the demand curve would cause
A)
a decrease in both price and quantity.
B)
an increase in both price and quantity.
C)
a decrease in price but an increase in quantity.
D)
an increase in price but a decrease in quantity.
Homework Answers
Answer: B) an increase in both price and quantity.
Market is in equilibrium when quantity demanded is equal to quantity supplied. DD is the demand curve and SS is the supply curve. Market is in equilibrium at point E. Outward shift of the demand curve from DD to D1 D1, is due to increase in demand. This increases the equilibrium price from P to P1 and equilibrium quantity from Q to Q1.
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